Podcasts about Treasury

A skeptical reporter is sent to debunk England's most famous UFO hotspot — but the more nights he spends on Star Hill, the harder it becomes to dismiss what he sees, and the woman who keeps appearing there may be asking him to believe in far more than he ever bargained for.Look for this podcast on Apple Podcasts, Spotify, iHeart Radio, Amazon Music, Pandora, TuneIn Radio, and other podcast apps. Get a list of free listening apps here: https://weirddarkness.tiny.us/OTRCHAPTERS & TIME STAMPS (All Times Approximate)…00:00:00.000 = Show Open00:01:30.028 = CBS Radio Mystery Theater, “A Message From Space” (February 28, 1978) ***WD00:46:14.309 = The Sealed Book, “Death Spins a Web” (April 01, 1945) ***WD01:15:36.156 = The Shadow, “The Ghost Walks Again” (March 16, 1941) ***WD01:40:19.756 = Sleep No More, “To Build a Fire” and “Three Skeleton Key” (February 20, 1957) ***WD02:09:17.703 = BBC Radio 4 Spine Chillers, “Doppelganger” (January 01, 1977)02:34:22.138 = Strange, “Greenwood Acres” (October 10, 1955) ***WD02:46:54.981 = Suspense, “Defense Rests” (March 09, 1944) ***WD03:16:42.462 = Tales of the Frightened, “Mirror of Death” (November 27, 1957)03:21:37.453 = The Creaking Door, “Cards” (1964-1965) ***WD03:49:11.172 = The Saint, “Mr. Important” (October 15, 1947) ***WD04:17:00.318 = Theater 1030, “Trespassers Will be Experimented Upon” (1968-1971) ***WD04:45:47.834 = Tales From The Tomb, “Hooked” (1960s)04:50:01.149 = Show Close(ADU) = Air Date Unknown(LQ) = Low Quality***WD = Remastered, edited, or cleaned up by Weird Darkness to make the episode more listenable. Audio may not be pristine, but it will be better than the original file which may have been unusable or more difficult to hear without editing.CUSTOM WEBPAGE: https://weirddarkness.com/WDRR0701Tonight's #RetroRadio — Old Time Radio in the Dark brings together a full night of vintage horror, mystery, and supernatural suspense, from a UFO sighting on an English hillside to a steel hook left dangling from a car door.The CBS Radio Mystery Theater opens the night with "A Message From Space," written by Ian Martin and starring Tony Roberts, in which a skeptical American feature writer named Pete Heron is sent by his editor uncle to debunk the wave of UFO sightings around Warminster, England — an ancient stretch of Wiltshire ringed by 45,000-year-old burial mounds, or barrows, and crossed by invisible electromagnetic ley lines. Guided by a strange radio man called Bryce Bond up to Star Hill, Pete watches a glowing craft settle into a wheat field and leave behind a scorched, counterclockwise depression no wind could explain. But it's the violet-eyed woman named Maru who keeps appearing there — claiming to be a reporter, smelling of roses and lily of the valley, and seeming, somehow, entirely out of this world — who tests everything Pete thought he knew.From The Sealed Book comes "Death Spins a Web," a tale narrated from the pages of the keeper's ponderous volume about the dying Mrs. Oliver Drake, who summons her three worthless grandchildren — Blanche, Vivian, and the charming polo-playing scoundrel Chris — to her mansion and announces that her entire fortune will go to just one of them. As Chris courts both beautiful cousins at once to hedge his bets, a canoe trip across a deserted lake sets a deadly scheme in motion, and the old woman proves to be playing a far stranger game than anyone suspects.The Shadow presents "The Ghost Walks Again," with Lamont Cranston and Margot Lane traveling to a small New England town terrified by the apparition of Sir Roger Mathis, the village's stern Puritan founder, dead more than two hundred years. Townsfolk who favor opening the ancient meeting hall to the public keep turning up dead inside its torture stocks and presses, each victim clutching a death warrant signed in Sir Roger's own hand, and Cranston must determine whether a real ghost or a very human killer haunts the old colonial hall.Sleep No More, hosted by Nelson Olmstead with Ben Grauer, offers two literary terrors. First is Jack London's "To Build a Fire," the unforgettable Yukon tale of a confident, imaginationless newcomer — a chechaquo — who sets out alone across the frozen trail at seventy-five below zero with only a husky for company, ignoring an old-timer's warning never to travel alone in such cold. Second is George G. Toudouze's "Three Skeleton Key," the story of a lighthouse keeper stationed on a tiny rock twenty miles off the coast of Guiana, who watches a derelict three-master sail straight toward the light carrying a writhing, starving army of ship's rats that soon lay siege to the tower with three men trapped inside.BBC Radio 4's Spine Chillers delivers "Doppelganger," a modern psychological horror about Noah, a frazzled young assistant who keeps waking at exactly 3:44 a.m., drowning in FOMO and social-media envy as she frantically tries to be everywhere at once — her mother's birthday dinner, a girls' trip, an exclusive private members' club. When her doorbell camera records her leaving the apartment one night but never coming back, and a voice on the phone that sounds exactly like her own begins narrating her every move, the question becomes whether she's sleepwalking or being replaced.Strange, hosted by author and supernatural expert Walter Gibson, presents "Greenwood Acres," the account of Army Lieutenant Seth Proctor, who, on leave in a small backwater Georgia town in 1952, goes fishing among the water lilies and discovers a gleaming white plantation house that his landlady insists has been a crumbling ruin since a Civil War tragedy in 1865. There he meets a beautiful blonde woman named Laura swimming in the river, who somehow already knows his name — and whose own story is bound up with a jealous uncle named Cassius and a renegade Northern soldier.Suspense brings "Defense Rests," starring Alan Ladd as Robert Tasker, a young ex-convict and aspiring writer paroled into the law office of Max Krager, the only friend he's ever had, played by John McIntyre. When Krager's partner Arthur Hines — the very district attorney who once sent Tasker to San Quentin — turns up dead in his own office with Tasker's fingerprints on the paperweight beside him, the case looks open and shut, until a missing $50,000 and a switchboard girl named Peggy complicate everything.Tales of the Frightened tells "Mirror of Death," the brief, eerie story of Celeste Collins, a pretty Irish girl of twenty-one whose hand mirror shatters on the floor on the morning of her birthday — and who, despite dismissing the broken-mirror superstition as nonsense, receives a tall, gift-wrapped delivery that evening with a reflection waiting inside it.The Creaking Door, sponsored by State Express 555 cigarettes, presents "Cards," set at a charming English village fete where a devout vicar reluctantly agrees to have his fortune told with a pack of tarot cards by Mrs. Heyman. When she falls into a trance and warns him to fear death by fire, fear that which flies in the air but is not a bird, and fear the things of night — the bat, the wolf, and the leopard — the vicar plans to fly to Tanzania anyway to tour the mission stations funded by the fabulous Shelby Diamond fortune.The Saint stars Vincent Price as Simon Templar, the Robin Hood of Modern Crime, who refuses a five-thousand-dollar bribe to leave a corrupt town and instead hunts the unknown crime boss who gunned down his childhood friend, Treasury agent John Daniels. Following a trail of frightened informants — undertakers, a doomed dame named Rose Taylor, a bookkeeper named Al Boston, and a terrifying insect-obsessed killer called the Professor — Templar closes in on the one man whose name nobody dares speak.Theater 1030, a CBC Toronto production, offers "Trespassers Will Be Experimented Upon," a darkly comic supernatural tale by Anthony Lee Flanders about Nigel Hurdstrom, a winner of five Nobel Prizes, who drives his glamorous wife Vanessa across the Saskatchewan prairie toward a long-dreaded reunion. A storm strands them at the misty castle of the wicked Baron von Schenck — the mysterious figure who once taught a lonely farm boy everything the wind had to teach — and the pupil has come back to challenge his master, with a monstrous transplant machine waiting in the dungeon.Tales From The Tomb closes the night with "Hooked," the classic campfire legend of Ronnie and Cindy, two Jefferson High teenagers parked on a deserted road by the woods, who hear a radio bulletin about an escaped killer with a steel hook for a right hand just moments before a loud thud strikes the passenger side of the truck.

In this episode of John Solomon Reports, hosts John Solomon and Amanda Head presents a powerful discussion on the troubling rise of nonprofit organizations engaging in questionable activities that undermine American values. Kicking off the episode is an exclusive interview with U.S. Treasury Secretary Scott Bessant, who sheds light on the government's efforts to investigate nonprofits that have strayed from their charitable missions and are now involved in funding extremism and obstructing law enforcement.Solomon also welcomes Congressman Brandon Gill, chairman of the House Task Force on Nonprofit Abuses, who outlines the committee's focus on tackling Medicaid fraud and the misuse of taxpayer dollars by NGOs. Gill discusses the alarming trend of nonprofits transferring funds to political organizations, raising concerns about potential corruption and the integrity of tax-exempt status.The episode further explores the implications of foreign influence in American nonprofits, featuring insights from James Fitzpatrick of the Center for Advanced Security in America. Fitzpatrick reveals troubling connections between certain NGOs and foreign entities, emphasizing the need for stricter regulations to protect American taxpayers.Finally, Scott Walter, president of the Capital Research Center, joins the conversation to discuss the broader implications of foreign funding in U.S. politics and the urgent need for reform in the nonprofit sector. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Although markets may recalibrate to a different policy playbook under the new Fed chair Kevin Warsh, housing could remain in a holding pattern. Our co-heads of Securitized Products Research Jay Bacow and James Egan explain why.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, the glow has maybe worn off the championship of the Knicks, so we can talk about the impact of Warsh on the mortgage and housing market. It's Friday, June 26th at 10am in New York. James Egan: If we have to stop talking about the Knicks, we can stop talking about the Knicks. But Jay, I think one of the things, if we take a little bit of a step back in mortgage markets, in housing markets, in fixed income markets more broadly – from the beginning of the year to now, we've gone from the market pricing in 2.5 cuts from the Fed by the end of 2026, to the market pricing in roughly 1.5 hikes. 100 basis point difference in market expectations over the course of the past five and a half months. Now, that's happened at different times, with different levels of velocity and severity. But one of the key talking points we have now is – we have a new Fed chair. We had the first FOMC meeting and his press conference after that last Wednesday. What do you think that means for mortgage markets, for volatility? How are you thinking about this? Jay Bacow: look, Jim, it's a great question, and we've got asked that by a number of different investors. Chair Warsh has been pretty clear that he thinks people should do more of what they're good at and less of what they're not good at. And so, he's felt like the Fed should keep their communication on future guidance relatively short. And so, with less forward guidance from the Fed, the market has more uncertainty, and more uncertainty translates into more volatility. And more volatility is generally bad for the mortgage market, given that investors are short the option to the homeowner to refinance. Furthermore, shifting from expectations of the Fed cutting to expectations of the Fed hiking generally makes it a little bit less favorable environment for investors like banks and overseas investors to come to the mortgage market. James Egan: Alright. Now, we've been on this podcast several times this year where we've talked about, you mentioned banks... We've talked about deregulation. We've talked about Fannie Mae and Freddie Mac, the GSEs – them buying mortgages, that being constructive for our mortgage view.Is that still the case, or how are you layering that into your thought process? Jay Bacow: now? That's definitely still the case. Those things haven't changed. The deregulation is still flowing through the markets. That longer term should be supportive of bank demand in aggregate, although obviously there are a number of different regulations going through. The GSEs are still forecasted to buy 200 billion mortgages on behalf of President Trump's initiative. So, that's why we're just sort of tactically negative – those technicals are very strong in an environment where there really has not been much supply. Now, some of that supply is because mortgage rates are still in the context of 6.5 percent. Some of that is because with mortgage rates at 6.5 percent, there hasn't been that much housing activity. So, Jim, turning it to you, what is the outlook for the housing market in a world where they are expecting the Fed to hike and rates to stay elevated? James Egan: Right. So, the main thing that we focus on from a housing market perspective is less specifically Fed action and more the 5- and 10-year part of the curve.So, when you start to say something like you're tactically negative mortgage-backed securities here – how can I interpret that from a mortgage rate perspective? Jay Bacow: If we're tactically negative, it's more of a small move than some massive move. And as you said, and we've talked about on this call beforehand, realistically, the mortgage rate is a little bit less dependent on the Fed policy rate and more around the belly of the Treasury curve. And, you know, what's going to happen with the belly of the Treasury curve is going to be dependent on sort of market expectations along with what's happening in the geopolitical situation. So realistically, if you've written down that the mortgage rate is 6.5 percent right now, our view probably doesn't change things too much. James Egan: And if that's the case, then affordability in the housing market, as we've been talking about, is going to continue to be challenged. And what we think that means from a housing activity perspective is any upside that we really thought would have been there gets pretty significantly capped. But the same side of this token – or the other side of this token, if you will, we do think that the current level is well-supported here. There's some level of housing activity that has to occur regardless of where affordability is, and we think we found that. We're at 40-year lows from a turnover perspective. From the fourth quarter of 2023 through now, we've been roughly at the same level. That's 11 consecutive quarters now. We think this is the kind of base level for people that need to transact regardless of where mortgage rates are. So, the more that the rate environment remains challenged, the more that we kind of hang in this low to mid 6 percent mortgage rate environment. We just think that that continues to curtail upside. So, it's a housing market and a housing activity space that continues to very much just remain stuck in neutral. Jay Bacow: Alright. So, if we're in this new environment and the Fed might be hiking, it's not great locally for mortgage valuations. Housing market more broadly, probably kind of stuck in neutral here. Jim, always a pleasure speaking with you. James Egan: And always great speaking to you too, Jay. And to all of our regular listeners, thank you for adding us to your playlist. Let us know what you think wherever you get this podcast and share Thoughts on the Market with a friend or colleague today. Jay Bacow: And go smash that subscribe button.

Find James Lavish's SubStack Here: https://www.jameslavish.com/ Click the link http://kalshi.com/r/MOSES or download the Kalshi App and use code MOSES to sign up and trade today! Checkout the WAWD Substack here: https://whatarewedoingonthedesk.substack.com/ In this episode of On the Tape, Danny Moses welcomes James Lavish back to the show for a wide-ranging conversation that goes well beyond Bitcoin. Drawing on his background trading risk arbitrage on the floor of the New York Stock Exchange and running the Bitcoin Opportunity Fund, James breaks down why he believes the Fed and Treasury are "trapped" by a looming wall of debt—roughly $14 trillion rolling over in the next year on top of ongoing $2 trillion deficits—and what that means for rates, inflation, and the dollar. Danny and James dig into Kevin Warsh's first meeting as Fed chair and his more hawkish-but-mostly-bark tone, the odds of a July rate hike, and how the war and energy prices are feeding back into inflation. They explore the "hot ball of money" chasing AI and the SpaceX IPO, the K-shaped economy driving retail toward speculative bets, and why James sees a coming rotation of capital out of high-flying AI names and back into Bitcoin. The two also debate Michael Saylor's Strategy (formerly MicroStrategy) at length—whether its leverage and perpetual preferred structure leave Saylor in a "trap" or a position of strength—with James arguing the balance sheet concerns are overblown if you believe in Bitcoin long term. James shares how his fund approaches Bitcoin-adjacent energy and AI investments, and Danny closes with his Kalshi picks of the week. --ABOUT THE SHOW For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners. Follow Danny on X: @dmoses34 The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Gold is getting liquidated again. Silver, too. Why? The dollar is spiking. But why is the dollar spiking? Same reason TIPS are screaming and reinversion on the Treasury curve has become a very real possibility. The issue isn't those da*n dots, it's dollars. Ledger eurodollars and all these are nothing more than different perspectives of the same growing deflation tendencies. ----------------------------------------------------------------------------------Webinar June 2026: Why Smart Investors Keep Missing Every Major Economic Turning PointIt isn't that they're buying the wrong assets. They're using a broken map of the monetary system — and getting it wrong leads to catastrophic decisions. Let's fix that. Sunday, June 28 @ 5:30pm ET. Sign up below. https://webinar.eurodollar-university.com/home----------------------------------------------------------------------------------

The latest Federal Reserve policy shifts and rising geopolitical tensions are reshaping the financial landscape. With Jerome Powell exiting and Kevin Warsh signaling a tighter-lipped Fed, investors face renewed market uncertainty and an end to traditional forward guidance. This episode breaks down how the ongoing Iran conflict is dictating oil prices and the timeline for interest rate cuts, while exploring why the stock market continues to offer the best risk-to-reward ratio for capital deployment.The conversation also dives into the massive economic potential of advanced AI and robotics, analyzing predictions from industry leaders regarding the automated future of the global labor market. We evaluate the current hyper-supply phase of the real estate market cycle, the potential massive liquidity injection from the upcoming Crypto Clarity Act, and the exact $5 million financial milestone needed to achieve true freedom in today's economy.KEY TOPICS DISCUSSEDFederal Reserve policy changes and the elimination of forward guidance under Kevin Warsh.Geopolitical impacts of the 60-day MOU in the Iran conflict on global oil prices.Short-term stock market corrections and interest rate cut predictions for the coming year.Institutional investments, warm water cooling, and the bullish outlook for Nvidia.SpaceX IPO lockup periods and why short-term valuation pressures exist for early retail buyers.The integration of advanced humanoid robotics into global labor markets and factory infrastructure.The upcoming US House committee hearing on the Crypto Clarity Act and its potential market impact.Phase three and four of the Mueller real estate cycle and how to acquire undervalued commercial assets.Leveraging life insurance arbitrage to invest in real estate debt funds for positive yield.KEY TAKEAWAYSThe Federal Reserve's decision to drop forward guidance removes the market's reliance on predictable rate cuts, signaling a return to historically normal, higher interest rate environments.Global oil prices remain the primary linchpin for future interest rate decisions, as energy costs directly drive producer costs and broader inflation metrics.Advanced robotics and AI infrastructure are poised to offset massive global labor shortages, presenting one of the most lucrative long-term investment vectors of the next decade.The real estate market is currently navigating the hyper-supply and recession phases of its cycle, making this the ideal time for patient capital to acquire distressed assets before rate cuts occur.Achieving a liquid, risk-free baseline of $5 million in Treasury bills provides a mathematical guarantee of financial freedom, effectively covering lifestyle costs through pure interest yield.CONNECT & TAKE ACTIONWealth Intelligence Brief: Text "WIB" to 844-447-1555 to get Matty's free macro data, real estate intel, and crypto signals delivered to your inbox 3 times a week.Imagos Income Fund: Text "INCOME" or "DEALS" to 844-447-1555 to learn more about Matty A's private debt fund targeting 10% fixed returns paid out monthly.

In an extended interview, U.S. Treasury Secretary Scott Bessent addresses the administration's approach to tariffs, negotiations with Iran, and his own view on America's AI dominance and regulation, and the future of the Federal Reserve. The morning after the NYC primary elections, Sec. Bessent also weighs in on the future of the Democratic Party. Plus, Google parent Alphabet has replaced Verizon in the Dow Jones Industrial Average.   Sec. Scott Bessent - 16:24   In this episode: Scott Bessent, @SecScottBessent Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Santhosh Srinivasan, VP of Treasury at Nium, joined us to discuss the firm's partnership with Coinbase to enable USDC payments for banks, fintechs, and enterprises worldwide.Topics:- Nium's partnership with Coinbase and Circle and enabling stablecoin payments - The future of payments with stablecoins and tokenized deposits - Institutions adopting stablecoins and cryptoBrought to you by

Today we were thrilled to welcome back Daan Struyven, Co-Head of Global Commodities Research and Managing Director, Head of Oil Research at Goldman Sachs. Daan joined Goldman in 2015 and previously co-led Goldman Sachs' Global Economics team as well as the firm's Canada Economics research effort. Daan and his team recently wrote a report titled “EV Sales Acceleration Poses Downside Risk to Global Oil Demand.” We were pleased to hear Daan's perspective on the report, the acceleration in global EV adoption following the Iran/Hormuz supply disruption, the outlook for global oil demand and oil prices, and what investors should be watching across the broader energy landscape. In our conversation, we explore the key findings from Goldman Sachs' recent research on EV adoption, including how higher fuel prices and concerns around energy security may have accelerated EV sales across several major global markets following the Iran/Hormuz supply disruption. We discuss the significant differences in EV penetration rates around the world, the growing influence of Chinese manufacturers, the importance of charging and power infrastructure, and the role government policy continues to play in shaping adoption trends. We examine the outlook for global oil demand, including Goldman's view that oil demand continues to grow through 2040 despite rising EV adoption, supported by growing energy consumption and the limited availability of substitutes for petrochemical feedstocks and jet fuel. We discuss the recovery of Middle East oil production and exports following the conflict, OPEC supply dynamics, strategic petroleum reserves and stockpiling activity, and why oil prices did not rise as much as many expected during the Iran war disruption. We touch on investor sentiment toward energy markets, China's role as both a major EV market and a stabilizing force in global oil demand through stockpiling behavior, and tightening power markets driven by rising electricity demand from AI and data centers. We also discuss the interplay between future oil prices, power prices, and EV adoption. Finally, we cover advancements in battery technology, the long-term implications for both the energy transition and global commodity markets, and more. We greatly appreciate Daan for sharing his time and perspectives. To start the show, Mike Bradley noted that market volatility is becoming more prevalent across asset classes. From a fixed income perspective, the 10-year Treasury yield is holding steady at approximately 4.5%, with traders closely focused on this week's PCE Index as a key inflation indicator, particularly in light of the Federal Reserve's more hawkish tone following last week's FOMC meeting. In equities, he emphasized the increasing volatility observed in recent trading sessions, especially within Big Tech and the Nasdaq, with semiconductor and chip stocks coming under notable pressure and with several declining by more than 10%. He suggested that market leadership may be shifting, as the Nasdaq lags while the Dow Jones Industrial Average demonstrates relative resilience. Turning to commodities, WTI crude has fallen to around $73/bbl, marking its lowest level since the first week of the Iran conflict. WTI has broken below its 200-day moving average, indicating that oil appears “broken” from a technical trading perspective. He also highlighted a rapid shift in market sentiment, moving from concerns about tightening global inventories to fears that OPEC supply could increase sooner and more significantly than expected. In energy equities, he observed that the sector has declined modestly over recent trading days, with Oil Services bearing the brunt of the losses. Electric utilities have outperformed, serving as a temporary safe haven for investors. He ended by pointing out two notable headlines: first, a partnership between Chevron and Microsoft to develop a co-located power facility in West Texas that will supply electricity to a Microsoft-operated data center under a 20-year PPA; and second, the Department of Energy's announcement of $17.5 billion in financing to help incentivize/jump start utilities to order equipment for large-scale nuclear reactors. Ellen Wilkirson made her COBT debut and added her questions and perspective to the discussion as well. 

Mea Culpa welcomes Reed Galen, co-founder of The Lincoln Project and a veteran public affairs and political commentator with more than 20 years of experience, Reed has been involved in politics, government, and business at the highest levels. Galen has spent more than a decade advising Fortune 50, 100, and 1000 companies needing high-level counsel in strategic communications, procurement, and legislation. In addition to his private sector work, Reed has managed several high-profile ballot measure campaigns in California, Texas, and Colorado – Before moving to the private sector, Reed served as Deputy Campaign Manager for John McCain's presidential campaign and Deputy Campaign Manager for Arnold Schwarzenegger's successful 2006 re-election campaign. Galen also worked on both of President George W. Bush's campaigns and served the Bush Administration at both the U.S. Department of the Treasury and the Department of Homeland Security. As founder of the Lincoln Project, Galen has led the groups vision and created some of its most memorable attacks against Donald Trump. He is now focused on ridding the nation of Trump and attempting to purge the GOP of its love affair with MAGA ideology. He joins us today to discuss the changing of the media guard as Rupert Murdoch rides off into the right-wing sunset. So, let's go now to that conversation.

In a profession defined by uncertainty, the treasury leaders who thrive are the ones who never stop learning.In this live Treasury Career Corner panel discussion from our Amsterdam event, three experienced treasury leaders explore why curiosity, continuous learning, networking, and understanding the wider business are the skills that drive long-term success in treasury.Meet the Guests:Marco Schuchmann, Director Treasury at BrukerLorena Pérez Sandroni, Group Treasurer at TMF GroupFeliks Indenbaum, Head of Group Treasury, JetBrainsRecorded live in Amsterdam, this Treasury Career Corner panel brings together three senior treasury professionals to discuss how treasury careers are built, developed, and sustained in an increasingly complex business environment.The conversation explores the importance of curiosity, proactive learning, networking, leadership, and understanding the wider business. The panel also shares practical insights on managing treasury teams, embracing technology and AI responsibly, handling uncertainty, and preparing for the future of the profession.Whether you're just starting your treasury career or leading a global treasury function, this episode provides valuable lessons on developing the skills that matter most.Key topics discussed:How each panellist found their way into treasury and built their careerBuilding treasury functions from the ground upWhy curiosity remains one of the most valuable career skills in treasuryDeveloping both technical treasury expertise and soft skillsHow treasury professionals can become better business partnersThe role of networking in career development and professional growthBuilding relationships across the organisation to create influenceCreating a culture where teams can learn from mistakesDeveloping future treasury leaders through trust and empowermentHow AI and technology are changing treasury operationsWhy treasury remains cautious in adopting new technologiesManaging uncertainty, volatility, and financial riskThe future direction of treasury and the evolving role of the treasurerBuilding high-performing treasury teams and securing resources for growth---

In this episode, AACS Government Relations Director Jamison Coppola is joined by Randy Melchert, Executive Director of Accord Kids, to discuss the historic Education Freedom Tax Credit. Passed as part of the Working Families Tax Cut Act, this provision allows taxpayers to redirect $1,700 of their tax liability toward student scholarships, a program estimated to qualify 85–90% of all children in the United States.The conversation provides a detailed analysis of a recent "two-page preview" from the Department of Treasury regarding forthcoming regulations. The experts clarify critical updates, including Treasury's decision to define a school's location based on charitable solicitation registration rather than physical storefronts, and their intent to use commercial data for instant income verification. Additionally, the episode addresses outstanding concerns such as the "marriage penalty" and cross-border eligibility for students. Whether you are a school leader or a parent, this discussion offers the essential tools and insights needed to prepare for this transformational shift in education funding. For more information and to check eligibility in your area, visit accordkids.org.

https://youtu.be/B4L-5KNiqNo Recorded: June 21, 2026 In Episode 159 of the PetroNerds Podcast, Trisha Curtis, CEO of PetroNerds and host of the PetroNerds Podcast, delivers a wide-ranging market update on oil, natural gas, geopolitics, China, strategic petroleum reserves, inflation, and monetary policy. Recorded on Father's Day and ahead of America's 250th Fourth of July celebration, the episode focuses on the U.S.-Iran memorandum of understanding, the Strait of Hormuz, global crude oil flows, China's oil imports, and the Federal Reserve's renewed emphasis on inflation. Trisha examines why oil prices moved lower despite heightened geopolitical tensions, how more crude continued reaching the market through Hormuz and alternative export routes, and why physical oil flows matter more than headlines. Key Takeaways Oil prices softened as crude continued flowing through and around the Strait of Hormuz. Saudi Arabia and the UAE's export infrastructure helped reduce supply risks during the latest Middle East tensions. China's crude import decline does not necessarily indicate collapsing demand and must be viewed alongside stockpiling, refinery activity, and energy-security priorities. The debate between the IEA and OPEC reflects competing views of future oil demand and supply balances. Federal Reserve Chairman Kevin Warsh signaled a stronger focus on inflation and price stability. AI-driven investment and rising electricity demand may contribute to future inflationary pressures. Oil Flows, Hormuz, and Energy Security A major theme throughout the episode is the disconnect between market sentiment and physical oil realities. Trisha walks listeners through the U.S.-Iran memorandum of understanding, disputed claims surrounding the Strait of Hormuz, and the market reaction to evolving events in the Middle East. The conversation examines how Saudi Arabia's East-West Pipeline and the UAE's Fujairah pipeline provide critical export capacity outside the Strait of Hormuz, helping maintain crude flows during periods of disruption. Trisha also reviews Strategic Petroleum Reserve releases, U.S. crude exports, tanker traffic, and the importance of understanding actual barrel movements in a 100-million-barrel-per-day global oil market. Why China Remains the Most Important Energy Story One of the central themes of the episode is China and its long-term energy-security strategy. Trisha challenges the narrative that declining Chinese crude imports are solely the result of electric vehicle adoption. Instead, she examines China's stockpiling activity, refinery runs, strategic reserves, domestic production, and energy-security priorities. The discussion highlights why understanding China remains critical to understanding global oil markets, particularly as Beijing balances economic challenges with long-term strategic planning. The IEA, OPEC, and the Future of Oil Demand The episode also explores the growing divide between the International Energy Agency and OPEC. Trisha reviews the IEA's June Oil Market Report and the possibility that restored production and normalized Hormuz flows could create a future supply overhang. She contrasts that outlook with OPEC's World Oil Outlook 2026, which projects continued growth in global oil demand through 2050. The discussion raises important questions about energy security, investment, and whether current market forecasts are adequately accounting for future demand growth. Inflation, the Federal Reserve, and AI In the second half of the podcast, Trisha shifts to macroeconomics and monetary policy. She breaks down the June Federal Open Market Committee meeting, Chairman Kevin Warsh's first press conference, inflation data, Treasury yields, housing, and the Federal Reserve's balance sheet. Trisha also discusses the potential inflationary effects of rising investment in artificial intelligence infrastructure, semiconductors, data centers, and electricity demand. The episode concludes with a broader discussion on inflation, energy prices, housing, and the economic forces likely to shape markets through the remainder of 2026. Whether you're an energy executive, investor, policymaker, or industry professional, Episode 159 provides a timely and data-driven examination of the forces shaping oil markets, inflation, energy security, and the global economy.

This Day in Legal History: Title IXOn June 23, 1972, President Richard Nixon signed the Education Amendments of 1972, a sweeping federal education law that included what became one of the most consequential civil rights provisions in American history: Title IX. Title IX stated that no person in the United States, on the basis of sex, could be excluded from participation in, denied the benefits of, or subjected to discrimination under any education program or activity receiving federal financial assistance. The language was brief, but its legal effect was enormous because it tied sex-equality obligations to the federal funding received by schools, colleges, and universities. That structure gave the federal government a powerful enforcement tool: institutions that accepted federal education money also had to comply with anti-discrimination rules.Although Title IX is often remembered for transforming women's and girls' athletics, the law was never limited to sports. It also affected admissions, scholarships, hiring, classroom access, pregnancy discrimination, and later legal debates over sexual harassment and institutional responsibility. Before Title IX, many educational institutions openly limited opportunities for women, including through quotas, unequal athletic resources, and restricted access to professional programs. The statute helped turn those practices into legal liabilities rather than accepted traditions. In later decades, courts and federal agencies would shape Title IX's meaning through regulations, enforcement actions, and major cases interpreting what counts as sex discrimination in education. Its influence reached far beyond individual lawsuits because schools had to rethink policies, reporting systems, athletic budgets, and equal-access obligations.Title IX also became a model for how civil rights law can operate through spending power, using federal money as the hook for national anti-discrimination standards. Its passage showed that a single sentence in a larger statute could become a foundation for generations of legal, political, and cultural change. On June 23, 1972, the federal government did more than amend education law; it created a durable legal framework for challenging sex discrimination wherever public money supported educational opportunity.A federal judge in California dismissed the Trump administration's lawsuit challenging Los Angeles's limits on cooperation with federal immigration enforcement. The administration had argued that the city's ordinance was unconstitutional because it restricted the use of city resources to support federal immigration operations and limited the collection of citizenship-status information. U.S. District Judge Fernando Olguin rejected that argument, finding that Los Angeles was regulating the conduct of its own employees and agencies rather than trying to control the federal government. The dismissal was not necessarily the end of the case, because the judge allowed the administration to file an amended complaint. Los Angeles City Attorney Hydee Feldstein Soto praised the ruling, saying it confirmed that local governments can decide how to use their own personnel and resources. The lawsuit was filed after immigration-related protests in Los Angeles and after Trump sent troops to the city in response to unrest over deportation operations. The case is part of a broader Trump administration effort to challenge local “sanctuary” policies in Democratic-led jurisdictions. Similar administration lawsuits against Boston and Chicago have also been dismissed by federal judges. The White House did not immediately comment on the ruling. The decision leaves Los Angeles's ordinance intact for now while giving the federal government another chance to revise its legal claims.US court dismisses Trump administration lawsuit over Los Angeles immigration policy | ReutersA federal judge in Washington, D.C., blocked the Trump administration from using a revised immigration database to help states check voter rolls. The database, known as SAVE, is used by the Department of Homeland Security to verify citizenship and immigration status, but the administration had changed it to make bulk searches easier for state and local officials reviewing voter eligibility. U.S. District Judge Sparkle Sooknanan sided with voting-rights and privacy groups that argued the changes made the system less reliable and could wrongly remove eligible voters from registration lists. The challengers said the database can be outdated, especially when naturalized citizens are still incorrectly listed as noncitizens. The judge also found that the revamped system raised serious privacy concerns because it gave users access to sensitive information, including Social Security numbers. DHS criticized the ruling and framed the case as part of its effort to prevent noncitizen voting. The ruling comes as the Trump administration has tried to expand the federal government's role in election administration before the November 2026 midterm elections. Courts have already blocked several related efforts, including parts of executive orders involving proof-of-citizenship requirements and mail-ballot restrictions. The administration has also faced setbacks in lawsuits seeking full voter-roll data from states. For now, the decision limits how the federal government can use immigration records in voter-roll checks.Judge blocks Trump's use of revamped immigration database for voter checks | ReutersIn my Bloomberg column this week, I wrote about OpenAI's request that Treasury update an outdated R&D tax credit rule for computer-related research expenses. My argument is that OpenAI's position should not be dismissed as just another technology company asking for a more generous tax benefit. The problem is that the existing rule was designed for an older world of identifiable physical computers, not modern cloud computing, data centers, GPUs, and reserved compute capacity. Section 41 allows a research credit for certain amounts paid to another person for computer use in qualified research, but Treasury regulations narrow that benefit by requiring that the computer be owned and operated by someone else, located off the taxpayer's premises, and not be a computer for which the taxpayer is the “primary user.” That “primary user” test made more sense when a taxpayer could point to a discrete machine, but it becomes unstable when a company is buying access to capacity inside a provider-owned cloud or data center.I argue that reserved or exclusive use of computing capacity should not automatically be treated as ownership or abuse, because modern AI research may require dedicated capacity for security, speed, and performance reasons. The real question should be whether the taxpayer is buying a third-party service or has effectively acquired, operated, or taken control of the infrastructure. Treasury can still protect against abuse without treating ordinary commercial cloud arrangements as disguised ownership. I suggest that a practical safe harbor could presume service treatment where the provider owns, operates, maintains, and houses the equipment off the taxpayer's premises while bearing the incidents of ownership. That presumption should remain rebuttable where the taxpayer bears ownership-like risks or is simply routing its own equipment through another entity to claim the credit.The broader point is that modernizing the rule would not need to turn the R&D credit into an AI subsidy machine, but it would prevent an old regulatory framework from excluding a major category of modern research. The column closes with the idea that tax rules meant to police fake outsourcing should not end up penalizing real outsourcing just because the computing world no longer looks like it did when the rule was written.OpenAI's Call for Modernized R&D Credit Rule Makes Perfect Sense This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Our CIO and Chief U.S. Equity Strategist Mike Wilson reacts to Kevin Warsh's first Fed meeting, explaining why the new chair's credibility may require letting markets experience some short-term pain.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 my views on the New Fed Chair and how to interpret his FOMC meeting last week.It's Monday, June 22nd at 11:30 am in New York. So, let's get after it.I want to spend today on what I think was one of the more important market events of the year so far. Kevin Warsh's first Fed meeting as the Chair. Specifically, he is trying to fortify credibility at a very delicate moment. The economy is stronger than many expected. Inflation is still running above target. And markets have become accustomed to central banks telling them exactly what to think.Back in February, when Warsh was nominated, I argued that this was the right choice if the goal was to lift market credibility. At that time, precious metals were rising parabolically. To me that was a bad signal that markets were questioning whether policy makers could really run the economy hot without creating a disorderly move in the dollar or a broader inflation problem.Since Warsh's nomination, the S&P 500-to-gold ratio is up close to 40 percent, and I view that as a powerful vote of confidence from the markets. It suggests investors are giving Warsh the benefit of the doubt – that he can shake up the Fed, reduce reliance on the balance sheet as a policy tool, and solidify discipline that gives the administration some breathing room.But here's the catch. Enhancing credibility is not always painless. In fact, credibility must be earned by doing something markets don't immediately like. And last week had some of that flavor. Stocks weakened, the yield curve bear-flattened, the dollar strengthened, and precious metals sold off. From my perspective, that is not a failed first meeting. That is a good and necessary first step. What stood out to me most was Warsh's emphasis on the inflation mandate. He made it very clear that the Fed's primary responsibility is price stability – not managing every wiggle in the labor market, not smoothing every risk asset drawdown, and not hand-holding investors through every data point. And frankly, after five years of missing the inflation target, that message was overdue.The stronger economy and improving private payroll data give the Fed room to lean into that message. I don't think this means the Fed is about to hike rates immediately, or even necessarily this year. But it does mean the reaction function has changed, and markets do not like uncertainty around the Fed path.The other major shift was communication. Warsh appears to be moving away from excessive forward guidance, and I think that's a very healthy development. For years, I've argued that the Fed became too influential in shaping not only market behavior, but also how investors interpreted the data. When markets are only trying to guess what the Fed will say next, the Fed loses the value of market prices as an independent signal. That's backwards. Markets should be reacting to incoming information, and the Fed should be learning from those reactions – not vice versa.A little less Fed hand-holding may be uncomfortable, but ironically it is necessary to get to a more stable place. Investors may not like it in the short term, but the system works better when market prices are less impeded by policy manipulation. The wisdom of crowds is often better than the wisdom of committees.The near-term risk for equities is not rate hikes or even uncertainty. It's liquidity. Balance sheet support has already started to fade. The Reserve Management Program is down roughly 75 percent from its peak, Treasury buybacks have been reduced by 50 percent. And at the same time lending growth is accelerating because the real economy is using more capital. That combination means liquidity is tightening, and our work suggests that could remain a headwind for stocks into July.Bottom line, the market may test Warsh's resolve. That's what markets do. The key question is whether the Fed tolerates some short-term pain in order to strengthen longer-term credibility. My guess is that it tries to do exactly that, until funding markets, credit markets, or bond volatility forces its hand to add more liquidity and loosen financial conditions again. That argues for choppy and even corrective price action in equity markets in the near term until the earnings led bull market has its next leg higher. 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!

The Iran deal looked like a breakthrough until both sides started spinning it within the hour, but oil kept falling and the dollar stayed bid anyway. Marty and John walk through a week of narrative violations, from WTI dropping into the mid seventies to Fed Chair Warsh's hawkish first FOMC press conference. They dig into why hyperscaler CapEx exploding while free cash flow collapses makes Volcker 2.0 impossible, how housing affordability and debt service are pushing the Fed and Treasury back together, and why frontier AI is now a state secret. They also check in on Bitcoin's quiet grind, with Taiwan's central bank exploring reserves and BlackRock still building products in the background.

The Federal Reserve's latest policy shift under new governor chair Kevin Warsh marks a significant regime change for global markets. With the dot plot revealing two potential rate hikes and a shift away from forward-looking guidance, investors face heightened market uncertainty across stocks, crypto, and real estate. This discussion cuts through the media noise to analyze macro data points, including the geopolitical resolution with Iran, falling energy prices, and the approaching $930 billion commercial debt maturity wall. While mainstream capital retreats to the stock market, sophisticated investors recognize that slow, stale, and sideways markets offer generational opportunities. This episode explains the math behind negative leverage, the critical role of the 10-year Treasury note, and why the absolute best real estate deals are historically secured before rate cuts occur, not after. Discover how to build defensive buffers into your underwriting parameters to transform macroeconomic headwinds into asymmetric long-term wealth. KEY TOPICS DISCUSSEDMacroeconomic analysis of Fed Chair Kevin Warsh's first FOMC meeting and monetary policy adjustments Geopolitical implications of the US-Iran memorandum of understanding and its impact on global crude oil volatility Understanding the "Fed Trap" and balancing the risks of reigniting inflation versus fracturing economic growth Technical evaluation of the 10-year Treasury note as the foundational gravitational force for commercial lending benchmarks Financial underwriting frameworks for identifying and avoiding negative leverage in a 6% to 7% interest rate environment Strategic management of the upcoming $930 billion maturing commercial real estate debt wall Asset allocation rotation from overvalued equity sectors into distressed, undervalued real estate opportunities KEY TAKEAWAYSLock in your real estate opportunities before the Federal Reserve cuts interest rates. Historically, the most profitable assets are acquired when market sentiment is deeply depressed and capital sits passively on the sidelines. Treat the Federal Reserve's policy decisions as macroeconomic weather rather than an absolute indicator of deal viability. Successful investing relies on strict individual deal underwriting rather than relying on central bank rescue parameters. Address floating-rate debt maturities 12 to 18 months in advance. Initiating proactive refinancing and restructuring conversations with lenders prevents forced liquidations when interest rate environments shift. Implement structural buffers of 50 to 100 basis points above current market rates when modeling new investments. Ensuring a deal cash-flows under restrictive conditions turns future monetary easing into pure financial upside. Monitor the 10-year Treasury note on a weekly basis to filter out short-term market noise. A sustained technical break below the 4% threshold serves as the primary signal that institutional debt conditions are turning positive. CONNECT & TAKE ACTIONSchedule a professional portfolio review with Ryan's team: Text "X-ray" to 844-447-1555 Build steady mailbox money with the Imagos Income Fund: Text "income" to 844-447-1555 Join the exclusive newsletter for unfiltered market insights: Text "WIB" to 844-447-1555 Access institutional investor resources and trackers: thewiseinvestorvault.com Gain direct access to accredited private placement deal flow: Text "deals" to 844-447-1555 Review comprehensive media notes and digital resources: millionairemindcast.com Connect directly with Matty A on corporate social channels: @officialmattya

Jeffrey Lacker is the former president of the Richmond Federal Reserve Bank and is a senior affiliated scholar at the Mercatus Center. Jeff returns to the show to discuss the history of the Fed Treasury Accord, the state of fiscal dominance, his five proposals for a new Fed Treasury Accord, his calls for reform around the discount window, a memorial to his friend and colleague Charlie Plosser, 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 May 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:56 - Fed Treasury Accord 00:18:26 - Fiscal Dominance 00:22:05 - Jeff's Five Proposals 00:49:05 - Charlie Plosser 00:55:49 - Outro

Host Bill Powers interviews Fury Gold Mines CEO Tim Clark for an update focused on advancing the Eau Claire project in Quebec's James Bay toward development. The company has engaged Canadian engineering firms BBA and SGS to drive a pre-feasibility study targeted for the first half of next year (around Q2 latest) alongside a resource update. Tim discusses strong drill results (including 7.86 g/t gold over 9.43 meters), ongoing metallurgical and environmental work, and potential M&A interest in the district. 00:00 Intro 00:36 Eau Claire Progress Update 01:44 Camp Visit and Team Buildout 03:23 PFS Push and Engineering Partners 04:16 M&A Interest and Dhilmar Context 07:02 Gold Price Upside and Rerate Catalysts 09:16 Drilling Results and Resource Growth 11:41 Treasury and Asset Portfolio 14:39 MRE and PFS Timeline Sponsor: https://furygoldmines.com/ Ticker: FURY Press Releases discussed: https://furygoldmines.com/fury-engages-leading-firms-to-advance-eau-clairepre-feasibility-study-work/ https://furygoldmines.com/fury-reports-7-86-g-t-gold-over-9-43-metres-in-infill-drilling-at-the-eau-claire-gold-project-quebec/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Fury Gold Mines pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement found in Fury Gold's most-recent presentation found at www.FuryGoldMines.com applies to everything discussed in this interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Brian Wiley and Jeremiah Bates open the show with a discussion on concentrated stock positions, portfolio rebalancing, and the challenges investors face after large gains. Using examples ranging from Micron stock to broader market opportunities, they explore diversification, risk management, investor psychology, and the ongoing battle between fear and greed. The conversation also examines what it really means to be wealthy, how to think about financial independence, and why having a plan matters more than chasing the next investment opportunity. The second hour focuses on retirement income planning and highly appreciated assets, particularly rental properties. They discuss capital gains concerns, 1031 exchanges, Delaware Statutory Trusts (DSTs), step-up in basis rules, and strategies for investors who want to simplify their lives without creating unnecessary tax consequences. They also cover Treasury bills, retirement withdrawal planning, income-focused investing, and how to evaluate whether your assets are positioned to support your long-term goals.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Jeremiah Bates & Brian Wiley ————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

AP Washington correspondent Sagar Meghani reports the U.S. Treasury is temporarily waiving sanctions on Iran oil as part of an interim deal to end the war.

In this episode we answer emails from Wilson, Tim, and John.  We discuss why life insurance products are not magical perpetual motion machines that make your portfolios go faster, why insurance contracts cannot outperform the same underlying investments once costs and commissions are included, and how insurance marketers mislead the public with biased studies. We also a listener's musical tastes and answer an I Bonds allocation question.And we discuss our Top of the T-shirt Campaign (Part Deux!) for the Father McKenna Center.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:Father McKenna Center Donation Page (please mention Risk Parity Radio in the comment section with your donation):  Donate - Father McKenna CenterWilson's First Link to Insurance Marketing Materials:  WBC-Whitepaper-Integrating-Whole-Life-Insurance-into-a-Retirement-Income-Plan-Emphasis-on-Cash-Value-as-a-Volatility-Buffer-Asset.pdfWilson's Second Link to Insurance Marketing Materials:  Benefits of integrating insurance products into a retirement plan (pdf)Breathless Unedited AI-Bot Summary:Whole life insurance gets marketed like a magic third thing: safer than stocks, better than bonds, and somehow able to “buffer” retirement withdrawals when markets drop. We slow that claim down and look at what it really is: an insurance contract with costs, commissions, and built-in friction that has to come out of your return somewhere.We talk through why incentives matter so much in the financial services industry, especially when the person advising you also gets paid to sell permanent life insurance. Then we use a simple mental model, the first law of thermodynamics, to explain why inserting a contract between you and the underlying investments cannot increase performance. If an insurance company invests your premiums in conservative assets, the most you can get back is what those assets earn minus the policy's expenses, insurance charges, and sales costs.Next, we show how the sales math often works: bury the assumptions, headline the results. We break down the kinds of inputs that can make a Monte Carlo analysis or a 4% rule chart look scary on purpose, including inflated fees, unrealistic retirement tax brackets, unnecessary term insurance choices, and conservative forward return “crystal ball” projections. Frank also shares his own whole life policy numbers as a real-world reference point.We close with a listener question on I Bonds versus Treasury bond ETFs, a straightforward take on tax location and allocation choices, and our weekly portfolio review across the sample risk parity portfolios. If you find this useful, subscribe, share the episode with a DIY investor, and leave a rating and review.Support the show

First Phosphate Corp. (CSE: PHOS | OTCQX: FRSPF) just landed a wave of international backing at the 52nd G7 Summit in Évian, France — and CEO John Passalacqua joins MSE to break down what it means for the company's mine-to-market LFP battery supply chain build-out in Quebec. This episode digs into the details of the agreements signed under the Critical Minerals Resilience and Production Alliance, including: • A letter of interest for up to CDN $275 million in guarantees from Denmark's export credit agency (EIFO) to help finance the Bégin-Lamarche mine • LOIs from Italy's SACE, CDP, and SIMEST, alongside engineering group MAIRE, to support First Phosphate's phosphoric acid plant at Port Saguenay using Ballestra technology • A definitive offtake agreement for a minimum of 200,000 tonnes per annum of phosphate concentrate from Bégin-Lamarche • A definitive offtake agreement for a minimum of 60,000 tonnes per annum of phosphoric acid from the Port Saguenay plant John explains how these deals fit into the broader G7 alliance launched by PM Carney in 2025, what each piece of financing and offtake actually de-risks for the project, where things stand on permitting and construction timelines, and why he believes First Phosphate is positioned to lead North America's push for a secure, traceable battery-grade phosphate supply chain. If you're tracking the critical minerals buildout, North American LFP battery supply chains, or First Phosphate specifically, this is a must-watch update straight from the source. 00:00 Intro 00:57 What the G7 Backing Means 02:33 Offtakes and Italy Partnership 04:19 Deal Terms Revenue and Pricing 05:27 Valuation and LFP Market Upside 08:31 Financing and Shareholder Demand 09:57 Timeline Catalysts and Execution 11:56 How the Alliance Came Together 14:07 Treasury and Capital Stack Press releases discussed: https://firstphosphate.com/first-phosphate-g7-investment-offtake-deals/ https://www.pm.gc.ca/en/news/backgrounders/2026/06/17/prime-minister-carney-secures-new-partnerships-defence-and-critical https://www.pm.gc.ca/en/news/statements/2026/06/17/g7-leaders-declaration-securing-supply-chains-critical-minerals https://www.reuters.com/world/asia-pacific/china-defends-critical-minerals-export-controls-after-g7-statement-2026-06-18/ Tickers: CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor First Phosphate pays Mining Stock Education a United States dollar ten thousand per month coverage fee. First Phosphate's forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE's owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

This week's We Talk Money is about a simple shift… Speculative attention has moved. Bitcoin is still central to the market story, but the easy crypto dopamine trade is not the main show right now. Capital is chasing AI infrastructure, frontier IPOs, leveraged products, and anything that gives investors a faster scoreboard. We debate four questions: Is the Strategy / STRC panic overblown, or is this how a Bitcoin treasury death spiral starts? Is SpaceX showing us infinite abundance, or market-top euphoria? Will SaaS stocks recover, or did AI permanently break the old software multiple? Where did dumb money go now that crypto is not the obvious darling? Submit a question for the show at https://www.wetalkmoney.com

Think you know silver? Put your IQ to the test and unlock key resources: https://www.rethinkingthedollar.com/silver-iqIs a major Federal Reserve reset already underway?In this video, we break down Kevin Warsh, Federal Reserve policy changes, inflation, gold, silver, Bitcoin, SpaceX, market valuations, and the growing signs of a financial system restructuring.We examine the relationship between the Fed, Treasury, major banks, monetary policy, asset prices, and why some investors believe a massive wealth transfer could be approaching.

Boston Consulting Group has transformed its treasury into a connected, data and analytics-driven operation. The shift delivers sharper visibility, centralised liquidity, and a scalable platform for the next wave of innovation.

They might not operate in the limelight, but implementation teams lead the line within banks when it comes to the highly involved and often sensitive task of designing and delivering innovative solutions for clients. In this article, two experts from BNP Paribas discuss the bank's implementation philosophy, and explain what makes or breaks the business of delivering ground-breaking, efficient, and resilient solutions for clients.

Episode 25 of DC Dynamics examines the Trump administration's tax deregulatory agenda, focusing on how Treasury and the IRS are using regulatory authority to simplify or roll back complex tax rules rather than pursuing new legislation. Host Ray Beeman, managing partner at Washington Council EY, and Colleen O'Neill, EY US National Tax Department Leader, discuss how this effort builds on the first Trump administration's review of "burdensome" tax regulations and is guided by principles such as avoiding overly complex rules, favoring safe harbors, allowing reasonable compliance methods, and respecting statutory limits after the Loper Bright Supreme Court decision.

After nearly four months of fighting, the U.S. and Iran agreed to a framework. Markets reacted: oil fell, equities hit record highs, and Treasury yields and inflation expectations eased. We break down the impact across markets and what it means for the Fed going forward. To read this week's Sight|Lines, click here. The views expressed in this podcast may not necessarily reflect the views of Stifel Financial Corp. or its affiliates (collectively, Stifel). This communication is provided for information purposes only. Past performance does not guarantee future results. Investing involves risk, including the possible loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss. © Stifel, Nicolaus & Company, Incorporated | Member SIPC & NYSE | www.stifel.com See omnystudio.com/listener for privacy information.

Today's top stories, with context, in just 15 minutes.On today's podcast:1) President Trump signed an interim deal to end the war with Iran and reopen the Strait of Hormuz, despite criticism from Republicans. The memorandum of understanding is now in effect, and it envisions the rapid reopening of the strait and immediate sanctions waivers for Iranian oil. The deal has prompted criticism from some of Trump's allies, who say it amounts to a victory for Tehran and that the US is conceding too much, with talks on nuclear issues and potential further financial gains for Iran to follow.2) Traders dumped short-term Treasuries and bet on interest rate hikes after Federal Reserve chairman Kevin Warsh made clear the central bank won’t tolerate high inflation. The hawkish message was driven home by the projections of individual Fed members, half of whom expect to raise rates by the end of the year. The Fed’s message triggered repositioning in markets, with futures traders expecting a quarter-point rate hike by October and 30-year Treasury yields slipping to the lowest since late April.3) A ticker-tape parade celebrating the NBA Champion New York Knicks will step off at 10 a.m. from Bowling Green in Lower Manhattan, traveling north along Broadway, and concludes at City Hall Plaza with a ticketed ceremony. The city is preparing for enormous crowds, with spectators expected to number in the millions, and the NYPD will have 10,000 officers at the event. Viewing areas along the route open at 6 a.m., and police will close access points once viewing areas reach capacity, while the mayor’s office gave away 600 tickets to the City Hall ceremony in a public lottery.See omnystudio.com/listener for privacy information.

The pressure on treasury is no longer simply to manage liquidity and risk, but to help the business respond faster and smarter.  Olivier Anceau and Baris Kalay (Bank of America) explore how, particularly in APAC, volatility, fragmentation and cross-border complexity are pushing treasury beyond execution, towards providing earlier visibility, more accurate forecasting and clearer, decision-ready options. From local currency settlement that helps manage FX risk to payments decisions that shape working capital and customer experience, treasury's fundamentals are becoming more consequential across the business.

In this episode we answer emails from Peter, Alejandro, and Anderson.  We discuss retiring early and related family, work and community considerations, various portfolio and tax considerations and gambling problems, AI-driven portfolio tweaking, when simplicity applies, and share a fast way to summarize old episodes with NotebookLM.   And reference our Top of the T-shirt Campaign (Part Deux!) for the Father McKenna Center.Links:  Father McKenna Center Donation Page (please mention Risk Parity Radio in the comment section with your donation):  Donate - Father McKenna CenterNotebookLM Summary of Chad's Question from Episode 478 -- "Mastering Portfolio Distributions":  NotebookLM - Portfolio Distribution MechanicsBreathless Unedited AI-Bot Summary:Quitting a high-paying job sounds like a math problem until you try living inside the decision. We hear from a 37-year-old parent with $1.3 million invested, a paid-off home, and a growing sense that learning about early retirement has made work feel unbearable. We walk through what those numbers actually support, why a 5% withdrawal rate can look fine on a spreadsheet but feel risky for a young family, and why expenses often rise as kids move toward the teen years and college. Our goal is to replace vague fear with concrete planning and a bigger, more realistic buffer.From there we get tactical: how to think about asset allocation as one unified portfolio across taxable and retirement accounts, how tax efficiency should influence what goes where, and what options exist for accessing retirement money earlier than 59.5. We dig into Roth conversion timing, and we clear up a major misconception about 72(t) distributions by explaining how splitting IRAs can make the tool far more flexible than people assume.Then we zoom out to portfolio construction. We explain why many formal “risk parity” or Ray Dalio all-weather style proposals end up bond-heavy, why that design often expects leverage, and why our retirement-oriented approach favors diversified building blocks like equities, Treasury bonds as recession insurance, gold, and managed futures. We also answer two more emails: one on using Google NotebookLM to generate a visual summary of rebalancing, and another on leveraged ETFs, AI recommendations, and moving-average trading rules, including why complexity can create tax headaches and ugly drawdowns.If you got value from this, subscribe, share the show with a friend who is rebuilding their plan, and leave a review so more DIY investors can find Risk Parity Radio.Support the show

Today's show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. ------------Today I want to talk about a topic that's poorly understood by many investors, but it has a direct impact on every mortgage, every construction loan, and every real estate project.I'm talking about Federal Reserve swap lines and why they're so important to maintaining stability in the bond market.Recently, Treasury Secretary Scott Bessent testified before Congress and made a statement that caught my attention. He said:"Swap lines are to maintain order in the dollar funding markets and to prevent the sale of U.S. assets in a disorderly way."Many people mistakenly view swap lines as some form of foreign aid. They're not. A swap line is essentially a temporary agreement between the Federal Reserve and another central bank. The Fed provides dollars in exchange for the foreign currency. The foreign central bank can then provide those dollars to banks within its own country.Think of it as a pressure-release valve. Instead of forcing institutions to sell Treasury bonds to obtain dollars, the dollars are temporarily made available through the swap line.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

A new era at the Federal Reserve has officially begun. In today's special episode, I'm joined by veteran bond trader William Addiss to break down the first official FOMC announcement under new Fed Chairman Kevin Warsh. This wasn't just another Fed meeting. It was the market's first real glimpse into how Warsh intends to lead the Federal Reserve, and investors everywhere are trying to decipher what it means for interest rates, inflation, bonds, stocks, and the broader economy. We'll discuss: The latest interest rate decision Changes to Fed projections and guidance How Kevin Warsh's approach differs from previous leadership What the bond market is signaling right now Whether investors should expect a new policy direction As one of the most experienced bond traders I know, Bill Addiss brings a unique perspective to the discussion, helping separate market noise from what truly matters. We'll also dive into the potential impacts on: Treasury yields Equity markets Housing Commodities Digital assets Long-term investment portfolios Because when the Federal Reserve changes course... every asset class feels the effects. This episode is a must-watch for anyone trying to understand where monetary policy may be headed and how to position themselves accordingly. Listen now:

Greg Friedman lays the foundation for what he believes investors should expect in the commercial real estate space ahead. Treasury yields hovering around 4.4% isn't helping the environment, with Greg explaining that a possible move above 5% will rattle the market. However, he sees private credit as a "stabilizing force."======== 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

John Blank and Sam Burns break down the implications of a reconstituted Fed as Kevin Warsh steps into focus. They highlight the importance of the dot plot and how Warsh's approach to forward guidance could differ from past Fed chairs. The discussion also looks at how the 10-year U.S. Treasury yield may react, alongside the impact of geopolitical risks on inflation and the Fed's policy path.======== 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

Got questions about your property tax bill? You're not alone — and this episode has answers. Host Doria Fleisher is joined by a powerhouse panel: Bob Yeager, Director of Maryland's State Department of Assessments and Taxation (SDAT); Eric Jackson, Charles County's Chief of Treasury; and co-host Jake Dyer, Director of Fiscal and Administrative Services.Together, they break down everything you need to know about how your property gets assessed, why your tax bill looks the way it does, and — most importantly — how you can save money. From homestead tax credits and senior exemptions to veteran benefits and 100% disability waivers, there are resources available that many residents don't even know exist.They also tackle what happens if you're struggling to pay your bill, walk through the tax sale process, and explain the layers of protection in place to help homeowners keep their property. Whether you're a first-time homeowner or a longtime Charles County resident, this episode will leave you feeling informed, empowered, and ready to take action.Thanks for listening. If you like this podcast and want to hear more, search Charles County Government on Apple Podcast, Spotify or where ever you get your podcast -  and be sure to like and subscribe.  We're also available on YouTube.   Search Charles County CommissionersAnd Stay Connected for all County news, information, and programs by visiting www.CharlesCountyMD.gov/StayConnected 

Our Global Head of Macro Strategy Matthew Hornbach and our Chief U.S. Economist Michael Gapen discuss the signals investors will be seeking from the new Fed Chair leading his first monetary policy meeting and possible implications for markets.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Today, markets are watching the Fed's next move. Are rate cuts delayed or could hikes possibly be back on the table? It's Tuesday, June 16th at 8:30am in New York. So, Mike, the FOMC meeting today and tomorrow is likely more about reading the signal rather than announcing a rate change. Markets will focus on inflation forecasts, the unemployment rate, and the growth outlook. But, of course, this will also be the first meeting after Powell ended his term as Fed chair in May. All eyes will be on Warsh. So, what are your thoughts before the press conference? Michael Gapen: A lot of thoughts, actually, before the press conference. I do think it's basically a foregone conclusion that the Fed will be changing its easing bias in favor of more neutral language. Seems clear the committee wants to do that, probably wanted to do that at the last meeting. And it does fit, I think, Warsh's preference for less communication, less guidance from the Fed. So, I do think that's largely a foregone conclusion, although obviously we need to see whether that happens and whether there are dissents. I think, as you noted, the forecasts will be important, but I think what's really important from my perspective – more than the modal outlook or the baseline that participants have – is their assessment of the balance of risks around the dual mandate. And I say that because obviously a year ago, the Fed eased policy when it felt that there were downside risks to the labor market that outweighed upside risk to inflation. This year, that seems to have flipped, where the labor market appears to have stabilized, labor demand has picked up a little bit, and it is inflation that looks persistent. So, if the Fed cut last year on downside risk to the labor market, I think the concern for markets is – maybe they hike in 2027 or later this year based on a changing balance of risks in the direction of firmer inflation. So, for me, that's really kind of key. In addition to what they're saying about growth inflation in the labor market, what is their assessment of the distribution of risks around that modal forecast? Matthew Hornbach: There's definitely going to be a lot of investor interest in the press conference itself. What exactly may result from the opening statement. Presumably, Chair Warsh will give an opening statement. How are you thinking about the back and forth between Warsh and the reporters that are asking questions? Are there certain questions that you would anticipate him getting asked, and how do you think he might respond? Michael Gapen: Well, I think certainly that if we are correct, and I think markets are correct, that they do change forward guidance in the statement to more neutral bias, that certainly opens up the possibility that the Fed will be hiking. So, the obvious first question is – is this the first step in the direction of hiking? What would get you to raise rates? Should investors be thinking about that? Is that the course of travel here? Now Warsh may not want to answer that if he, kind of, is consistent in the view of saying the Fed shouldn't give a lot of forward guidance. So maybe get some popcorn, Matt. It could be a situation where he gets asked questions about the future path of monetary policy, and maybe he decides, ‘I don't want to take that up right now. The data will tell us, and we'll do what's necessary.' And second, I think as you're noting and getting to about the structure of the press conference and what he might say is; past Federal Reserve chairs, let's say from Bernanke on, have found the press conference – the press conference statement, the questions, the format, the venue – as a way to control the narrative. And I think what will be interesting is to see whether Warsh has the same design. The risk, of course, is perhaps that he doesn't and pulls back the amount of communication guidance that he wants to give. And then we'll see what fills that vacuum. What narrative fills that vacuum? And is he okay with that? So, it may be that there's a new sheriff in town, and he chooses that there's some questions I'll answer, others I won't. And so, I do think that interaction with the press corps will be interesting. Hard to know exactly where it's going to come down until we see it in real time. Matthew Hornbach: During Chair Warsh's testimony to Congress, he alluded to the idea that potentially the Fed may not do a press conference at every meeting going forward. How are you thinking about that in the context of this idea that if you leave a void, somebody else may fill it? Michael Gapen: Obviously, the Fed used to not have press conferences at all, and then they moved to having them quarterly or four times a year. And they found that that was a little suboptimal because it became harder to make decisions and changes in the off-press conference meetings [be]cause they didn't have a venue to explain what they were doing and what they were thinking. So, they migrated to eight meetings. So, I think it's kind of twofold. Yes, it would mean that they speak less and therefore maybe their word doesn't carry as much weight. Or there's longer gaps for other narratives to come in. Like, do we lose forward guidance from the Fed, and is that replaced by forward guidance from the Treasury, for example? How do markets weigh those signals? And but then also I would say would that ultimately box in the Fed to only make decisions on quarterly meetings rather than eight times a year? Would the chair, for example… Let's assume that at some point in the future, the Fed decides it does want to raise interest rates. Historically, the Fed does not surprise on rate hikes. It's perfectly willing to surprise on rate cuts, when it comes to that. But if there is a world where the Fed does decide, ‘Hey, we do need to raise rates, but we don't have a press conference to explain our view.' Would they take the decision at that meeting or would they wait? So, does it reduce their opportunity set? Matthew Hornbach: I think this issue would certainly be an interesting one for investors to think about, which is why I'm bringing it up with you. Because to the extent that the plan going forward is to hold a press conference only once a quarter, as you alluded to – investors may interpret that as the Fed not being willing to raise rates at every single meeting going forward, which would certainly affect the pricing in the very short end of the interest rate market. But more broadly, on communication strategy, do you think that that would be something that Chair Warsh would take upon himself? Or do you think it would be more likely for him to organize a committee to discuss communications? Michael Gapen: I think the right thing to do… Again, our job is to say what we think he will do – not what he should do. But I'm going to answer this one in the question of what I think he should do. I do think he should create, say, a subcommittee on communication and reevaluate what the Fed does. [Be]ause as chair, he has almost unilateral control over communications. But obviously you work within a committee, the committee operates with consensus. So, I do think it would make sense to, kind of, work through a committee and try and get as much consensus as you can. And, here, what I would hope where they, kind of, ultimately land is – Warsh has been critical in the past of the Fed's forecast, the forecast being incorrect, providing maybe incorrect forward guidance. And I would argue that it's not really the sole job of the SEPs – the Summary of Economic Projections – to provide a forecast. But what you get out of them is more than just a forecast. You get a hint of the committee's reaction function. That if data are above or below certain thresholds on growth, inflation, and unemplyment, then expect our policy path to look different. So, is there a way that he could review the communication strategy, tamp down the elements that are, say, a pure forecast, but keep the items that communicate to the market what a reaction function is? That's where I think a review committee could be useful in reforming or revamping what they do. Matthew Hornbach: Absolutely. In terms of the things that are really the purview of the committee, can you walk us through what those are in the context of Chair Warsh coming in having to ultimately make decisions on monetary policy – both interest rate policy as well as balance sheet policy? What are the purview of the committee itself? Michael Gapen: Yeah. The two main tools of monetary policy, in this case interest rate policy and balance sheet policy, is both of those are under the purview of the Federal Open Market Committee. So, to change interest rates, to reduce the size of the balance sheet, to change the rollover rate, to buy assets, to sell assets – all of that is an FOMC decision. There are subcomponents of that world where the board can make certain decisions. Now, the Fed views communication broadly as a tool, but in this case, communication is not an FOMC decision. The evolution of the communication strategy grew kind of organically out of '08, '09. Chairman Bernanke kind of started that process. It continued through, through Yellen. And that's been more of what I'll call a consensus operation, but there's no formal vote. So, the chair has a lot of control over how the Fed communicates, how often it communicates. But the policy decisions are from the FOMC. Matthew Hornbach: I'm often asked about this idea that less communication may end up affecting the bond market in certain ways. And typically, the concern amongst investors is that with less communication from the Fed – whether it be the chair or whether it be from the committee as a whole through the Summary of Economic Projections and its interest rate dot plot – there's concern amongst investors that removing that type of guidance would raise bond yields, essentially through the term premium component of the term structure. And the way that we think about it is probably in this environment where interest rates have already been inching higher, and investors are concerned about the hiking cycle that may eventuate, it probably would raise term premia initially. But from a more medium-term perspective, the way I think about it is that, you know, term premia can be positive, it can also be negative. And if we have less forward guidance, I would generally expect that term premium component to be more volatile than it has been in the past. Not necessarily just in the upward direction. But it could also be in the downward direction if the macro environment ends up changing in some way. Michael Gapen: Yeah, I could see in the current context, the inflation surprises have been to the upside, so less communication may mean more term premium. But we went through almost a decade after '08, '09, where most of those surprises were to the downside. So, you can imagine that it could be a symmetric story rather than an asymmetric one. Matthew Hornbach: Absolutely. Well, thanks Mike. That's very interesting, and thanks for taking the time to talk ahead of this upcoming FOMC meeting. I'm looking forward to our next discussion around the following FOMC meeting. 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.

Episode 523 00:00 Introduction 01:02 Gold and Silver not risk free 02:35 Bonds aren't safe either 03:00 10 year Treasury dismal performance 04:23 Oil prices dropping 05:31 3 Best S&P 500 Sectors 08:00 Industrial Technology long term trend 09:00 I own Companies not Commodities 12:08 Technology, Materials, Industrials 13:37 You missed the bottom, not the opportunity Sign up for free ALERTs & Market Commentary at:  https://www.investablewealth.com/subscribe/ ——————————————————

Part 2: On 25 February 2026, MMT UK launched with a flagship public event featuring Professor Bill Mitchell, one of the original architects of Modern Monetary Theory, alongside the publication of MMT UK's first policy paper - "A Job Guarantee for the UK". This is the Q&A session from that event. Special thanks to Damian Coldwell for recording and post-production, and Chris Bland for the transcript (see attached PDF in show notes).   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Relevant to this episode: "A Counterinflationary Job Guarantee For The United Kingdom", by Patricia Pino, Phil Armstrong and Steve Laughton: https://mmtuk.org/research/job-guarantee/ Join the new MMT UK discord server to connect with others looking to promote MMT and ecological economics in the UK!: https://discord.gg/S3UbxFe4FR  More info on the event here: https://mmtuk.org/news/bill-mitchell-event-feb2026/  Watch a 15-minute introductory film on the Job Guarantee, featuring Patricia Pino, Pavlina Tcherneva, and Daniel Kostzer: https://mmtuk.org/research/job-guarantee/ Patricia's Substack: https://steadystate.patriciapino.com   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   LIVE EVENTS! ANTI-AUSTERITY ECONOMICS ONE-DAY WORKSHOPS WITH PROFESSOR STEVEN HAIL IN 2026! Brighton Sat 20 June | Stockholm Sat 27 June | Brussels Sun 28 June All details: https://modernmoneylab.org.au/events/    JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   Join the MMT UK Discord server to connect with others looking to promote MMT and ecological economics in the UK!: https://discord.gg/S3UbxFe4FR   MMT: THE MOVIE! "Finding The Money", a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of "Finding The Money" can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of "Finding The Money", apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: "Some Numbers Are Big. Let Me Help You Get Over It": https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/     For a short, non-technical, free ebook explaining MMT, download Warren Mosler's "7 Deadly Innocent Frauds Of Economic Policy" here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     Episodes on monetary operations:  Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683  Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   Our Job Guarantee episodes:  Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   More on government bonds (and "vigilantes"): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT and real-world economics are here: https://modernmoneylab.org.au/     Order the Gower Initiative's "Modern Monetary Theory - Key Insights, Leading Thinkers": https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757     We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Show notes: https://www.patreon.com/MMTpodcast/posts/episode-214-live-161149608?pr=true

Derren Geiger - CEO of Cornerstone Acquisition & Management returns to the podcast to breakdown the global macro scene and it's impact on the oil & gas minerals and nonop space. In particular, Derren opines on the status quo of the Petro Dollar, waning demand for US Treasuries, and the trickle-down effect of the Ukraine and Iran Wars on globally traded commodities.**Disclaimer: This podcast is meant for informational purposes only and does not constitute investment advice. A big thanks to our 3 Minerals & Royalties Podcast Sponsors:--Tokenized Energy: If you are interested in allocating capital to oil & gas minerals, royalties, and nonop assets in order to earn digital mailbox money, then visit www.tokenizedenergy.com or download the Tokenized Energy app for your Apple or Android phone.--Tracts: If you are interested in learning more about Tracts title related services and software, then please call 281-892-2096 or visit https://tracts.co/ to learn more.--Farmers National Company: For more information onFarmer's land management services, please visit www.fncenergy.com or email energy@farmersnational.com

Pulaski is often built up into an almost mythic figure who represents patriotism, bravery, freedom, independence, and the U.S. as a melting pot. a nation of immigrants. But there’s also a very different version of his story. Research: “Benjamin Franklin to George Washington, 29 May 1777,” Founders Online, National Archives, https://founders.archives.gov/documents/Franklin/01-24-02-0072. [Original source: The Papers of Benjamin Franklin, vol. 24, May 1 through September 30, 1777, ed. William B. Willcox. New Haven and London: Yale University Press, 1984, p. 98.] https://founders.archives.gov/documents/Franklin/01-24-02-0072 “General Count Casimir Pulaski: ‘The Father of the American Cavalry’: First Commander of Washington’s Cavalry; Commander of the Independent ‘Pulaski’s Legion.’” The American Catholic Historical Researches , JANUARY, 1910, New Series, Vol. 6, No. 1 (JANUARY, 1910). Via JSTOR. https://www.jstor.org/stable/44374799 American Battlefield Trust. “Casimir Pulaski.” https://www.battlefields.org/learn/biographies/casimir-pulaski Britannica Editors. "Confederation of Bar". Encyclopedia Britannica, 1 Sep. 2023, https://www.britannica.com/topic/Confederation-of-Bar. Accessed 20 May 2026. Britannica Editors. "Confederation of Bar". Encyclopedia Britannica, 1 Sep. 2023, https://www.britannica.com/topic/Confederation-of-Bar. Accessed 21 May 2026. Britannica Editors. "Kazimierz Pułaski". Encyclopedia Britannica, 2 Mar. 2026, https://www.britannica.com/biography/Kazimierz-Pulaski. Accessed 20 May 2026. Britannica Editors. "Polish-Lithuanian Commonwealth". Encyclopedia Britannica, 3 Dec. 2025, https://www.britannica.com/place/Polish-Lithuanian-Commonwealth. Accessed 21 May 2026. Britannica Editors. "Stanisław II August Poniatowski". Encyclopedia Britannica, 8 Feb. 2026, https://www.britannica.com/biography/Stanislaw-II-August-Poniatowski. Accessed 21 May 2026. Byczkiewicz, Romuald K. “For Your Freedom and Ours: Casimir Pulaski, 1745-1779.” Sarmatian Review(Vol. 26, Issue 1). George Washington’s Mount Vernon. “Casimir Pulaski.” https://www.mountvernon.org/library/digitalhistory/digital-encyclopedia/article/casimir-pulaski Georgia Southern University. “Georgia Southern researchers solve Casimir Pulaski mysteries, subject of Smithsonian Channel’s ‘America’s Hidden Stories: The General Was Female?’” 3/28/2019. https://www.georgiasouthern.edu/2019/03/28/georgia-southern-researchers-solve-casimir-pulaski-mysteries-subject-of-smithsonian-channels-americas-hidden-stories-the-general-was-female-free-screening-on-arm Hautzinger, Daniel. “Who Was Casimir Pulaski, the Polish Revolutionary War Hero Honored with a Holiday and Street in Chicago?” WTTW. 11/17/2025. https://www.wttw.com/playlist/2025/11/17/casimir-pulaski-revolutionary-war Jones, Charles C. Jr. “Casimir Pulaski: An Address Before the Georgia Historical Society.” 1/13/1871. Savannah. 1873. https://polona.pl/item-view/8e95b726-b73c-4a27-9070-d7750b57cc4f Jones, Charles Colcock. “Sepulture of Major General Nathanael Greene : and of Brig. Gen. Count Casimir Pulaski.” Augusta, Ga, 1855. https://archive.org/details/sepultureofmajor00jonerich/ Kajencki, Francis C. “Casimir Pulaski, Cavalry Commander of the American Revolution.” Southwest Polonia Press. 2002. Kajencki, Francis C. “The Pulaski Legion in the American Revolution.” Southwest Polonia Press. 2004. Makarewicz , Stanislaw. “The Four Birth Records of Kazimierz Pulaski.” https://www.poles.org/birth.html Manning, Clarence A. “Casimir Pulaski, a Soldier of Liberty.” Bulletin of the Polish Institute of Arts and Sciences in America, January, 1944,Vol. 2, No. 2 (January, 1944). Via JSTOR. https://www.jstor.org/stable/24725053 Moyer, Del-Louise. “Rebecca Langley and the Pulaski Banner.” Pennsylvania German Blog. 11/22/2015. https://alyssumarts.com/2015/11/22/rebecca-langley-and-the-pulaski-banner/ National Archives. “Revolutionary War Pension and Bounty Land Warrant Application File R. 8205, for Eleazer Phillips, South Carolina.” NAID: 196395780. https://catalog.archives.gov/id/196395780? National Park Service. “Casimir Pulaski Memorial.” https://www.nps.gov/nama/planyourvisit/pulaski.htm National Park Service. “Casimir Pulaski.” Fort Pulaski National Monument. https://www.nps.gov/people/casimir-pulaski.htm Pienkos, Angela. “Bicentennial Look at Casimir Pulaski: Polish, American and Ethnic Folk Hero.” Polish American Studies , Spring, 1976, Vol. 33, No. 1 (Spring, 1976). Via JSTOR. https://www.jstor.org/stable/20147942 Pinkowski, Jack. “Mysteries Surrounding Casimir Pulaski.” "Bialy Orzel," April 18, 2008, p. 26-27. https://www.poles.org/L_Kaz/E_Kaz.html Pula, James S. “Pułaski at Savannah: A Journey through Fact and Fiction.” The Polish Review, Vol. 67, No. 4 (2022), pp. 5-33 (29 pages). Via JSTOR. https://www.jstor.org/stable/48805968 Pula, James S. “Whose Bones Are Those?: The Casimir Pulaski Burial Controversy.” The Georgia Historical Quarterly , 2016, Vol. 100, No. 1 (2016). Via JSTOR. https://www.jstor.org/stable/43855885 Somers, Jennifer. “Who was Casimir Pulaski? Why does Illinois celebrate him?” KSDK. 3/6/2023. https://www.ksdk.com/article/news/history/casimir-pulaski-day-illinois-meaning-first-monday-in-march/63-2698e93d-1c82-4e42-ac52-4ab47903ccde Spencer, Richard Henry. “Pulaski's Legion.” Maryland Historical Magazine. September 1918. Ungvarsky, Janine. “Casimir Pulaski.” Ebsco. https://www.ebsco.com/research-starters/military-history-and-science/casimir-pulaski United States Senate. “Ex. Doc. No. 120: Reports of the Secretaries of State, War, an d the Treasury, respecting the services of Count Pulaski.” Wickham, Jonathan, director. “The General was Female?” Smithsonian Channel - America's Hidden Stories. 4/8/2019. Williams, Henry. “An address delivered on laying the corner stone of a monument to Pulaski, in the city of Savannah.” Commissioners of the Monument Fund. 1855. https://archive.org/details/addressdelivered00geor/ Wizevich, Eli. “Discover the Short Life and Long Legacy of Casimir Pulaski, a Polish Cavalry Officer Who Became an American Revolutionary Hero.” Smithsonian. 3/6/2025. https://www.smithsonianmag.com/history/discover-the-short-life-and-long-legacy-of-casimir-pulaski-a-polish-cavalry-officer-who-became-an-american-revolutionary-hero-180986162/ See omnystudio.com/listener for privacy information.

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why the recent equity correction may be more reset than reversal and where investors may find the next opportunities.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: Possible opportunities to look out for in the equity correction over the past few weeks.It's Monday, June 15th at 1:30pm in New York. So, let's get after it.Sometimes the market changes direction or leadership not because the story has broken. Instead, it just needs to digest how quickly the story has evolved. Over the past few weeks, equities had their biggest correction since the important bottom in March. I don't view this as the end of the bull market though. I view it as a pause after an unsustainable acceleration in two key factors driving stocks higher this year: earnings revisions and liquidity. In my view, the market wasn't questioning the earnings bull market as much as it is questioning the speed at which earnings have been revised higher. These revisions have been particularly strong in leading sectors like semiconductors, which also corrected the most. When earnings revisions breadth gets north of 70 percent, it's reasonable to ask whether the second derivative is about to slow. That doesn't mean earnings estimates are going down. Instead, it means the rate of improvement is probably peaking, and in markets, it's always about the second derivative in growth. Such decelerations create corrections, not crashes. That distinction is important. Earnings revisions breadth may pause or roll over from extreme levels, but the next twelve-month earnings estimates are still likely to rise as we move through the year and roll forward toward 2027 numbers. That's why I remain convicted in our year-end S&P 500 target of 8000, even if the next few weeks remain choppy. Markets can correct while the earnings story remains intact. In fact, that's often exactly how healthy bull markets reset.The second part of this adjustment is liquidity. Earlier this year, liquidity was flowing strongly through the system as a means of regaining financial stability. Between the Fed's Reserve Management Program, reduced bank capital requirements, and Treasury buybacks, more than half a trillion dollars of liquidity was effectively added. But that pace is now slowing. The Reserve Management Program has fallen from roughly $40 billion a month in April to about $10 billion today; while Treasury buybacks have also slowed from the March and April highs. This rate of change slowdown matters at the margin, especially for crowded momentum trades that have been supported by abundant liquidity. Take note of these corrections in momentum because they often bring a change in leadership and that's the real opportunity. We've already seen a few leadership rotations this year – from precious and base metals, to rare earths, to energy and finally to semiconductors. Now I think the market may be ready to broaden again, much like it did late last year and in the first six weeks of this year.Importantly, our preferred sectors of Consumer Discretionary Goods, Transports, and Regional Banks are all up more than 10 percent over the past month while the S&P 500 was down modestly. Yet, sentiment toward these areas is still muted. That's exactly the kind of setup I like: improving fundamentals, better relative price action, and investors still skeptical.Another piece that should help this broadening. Macro variables that have been holding lower quality cyclicals back include interest rates, crude, and the dollar – they may all now be peaking. That fits nicely with the announced deal to reopen the Straits of Hormuz last night. If oil pressure eases and the bond market walks back the Fed hike it is currently pricing, interest rate sensitive groups should have room to extend their recent outperformance. Finally this week's Fed meeting matters too because it's Kevin Warsh's first as the Chair. I'll be watching less for the rate decision itself and more for how the bond market reacts. The key markers are still the same for me: 4.5 percent on the 10-year, while bond volatility and funding market stress need to remain calm. If the Iran deal holds, I think the Fed can lean less hawkish on rates – but I don't expect a proactive pivot to add more liquidity.Bottom line, markets have been digesting the peak rate of change in growth acceleration and liquidity. But that's far from the end of the cycle. The earnings driven bull market remains intact, but the leadership may be changing. As usual, the best opportunities may be hiding in the places investors don't believe in, yet.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!

Anthropic sent staff to DC to resolve the Mythos 5 export crisis after Amazon's Jassy reportedly helped trigger the federal block. Fox is buying Roku for ~$22B, the UK bans social media for under-16s, and Chinese Tesla drivers fool monitoring with doll heads. Sources: senior Anthropic technical staff are in DC to meet WH officials and try to fix the Mythos 5 dispute; both sides say they are eager to resolve the issue (Axios) The US Commerce Dept blocked foreign persons from accessing Fable 5 and Mythos 5; Anthropic cut off all customers to comply, calling the disclosed jailbreaks minor (The Verge) Trump signed off on the restriction himself after Commerce Secretary Lutnick was asked to lead the response (NYT) Amazon researchers showed Fable's safeguards could be evaded; Jassy raised it with Treasury's Bessent, helping set the export controls in motion (WSJ) Fox says it is acquiring Roku in its largest deal yet, valued at ~$22B including debt, giving it access to 100M+ streaming households globally; FOX drops 10%+ (WSJ) Keir Starmer says the UK will ban social media for under-16s to "give kids their childhood back", using an Australia-like model, in effect by next spring (Reuters) UK's under-16 ban will cover Snapchat, TikTok, YouTube, Instagram, Facebook, and X but exempt WhatsApp and Signal; AI companion chatbots must be 18+ (TechCrunch) Chinese Tesla drivers are using tiny plastic heads to fool Tesla's distracted-driving controls, which appear unable to distinguish figurines from real people (Wired) Chinese Tesla owners use figurines, photos, lenticular images, and looping face videos to bypass cabin-camera monitoring, sold for $10–$40 online (Digital Trends) Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Paul Galloway of Strategic Treasurer discusses liquidity stress testing and how treasury teams can prepare for market shocks and operational disruptions. The conversation explores sensitivity testing, scenario analysis, supply chain vulnerabilities, funding risks, counterparty exposure, and contingency planning. They also examine the differences between corporate liquidity stress testing and regulatory bank stress testing, while emphasizing the importance of escalation paths, liquidity buffers, contingent capital facilities, and embedding stress testing into ongoing treasury planning processes. Company Website: Strategic Treasurer: https://strategictreasurer.com

US futures are trading higher, while European markets opened with strong gains. The US dollar has weakened noticeably, with most Asian currencies strengthening except the yen. Treasury yields are up at the short end but down at the long end, and sovereign yields in Asia have declined. Crude oil prices are lower, although Brent and WTI have recovered somewhat from their lows. Precious metals are showing solid strength, base metals remain supported, and cryptocurrencies are trading higher as well. The US and Iran have confirmed that a deal to end their conflict has been reached, with a signing ceremony scheduled for 19-Jun in Switzerland. The Strait of Hormuz will reopen once the agreement is signed, although President Trump noted that time will be needed to clear mines. Trump also stated that shipping will resume without tolls and that the US will immediately end its naval blockade. However, it remains unclear how the reopening of the Strait will align with Iran's ongoing assertion of sovereignty and its claimed right to collect fees. Companies Mentioned: Woodside Energy Group, Exxon Mobil, Uniper, ByteDance, Shanghai Iluvatar CoreX Semiconductor

Marty sits down with Vince Lanci to discuss his new book As Good as Gold, why the global financial system actually runs on collateral rather than currency, and how a quiet, controlled transition is underway from U.S. Treasuries to gold, Bitcoin, and a multipolar collateral framework. Vince on X: https://x.com/Sorenthek As Good As Gold: https://vblgoldfix.substack.com/p/as-good-as-gold-the-return-of-real 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/yHGkvYxdqT Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bitkey.world/ Aven https://www.aven.com/bitcoin CrowdHealth https://www.joincrowdhealth.com/tftc Unchained https://unchained.com/tftc/ Salt of the Earth: https://drinksote.com/tftc 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/

USAA is returning nearly one billion dollars to Florida policyholders following legal reforms that have dramatically reduced frivolous claims and litigation costs in the state's notoriously troubled insurance market. This is a powerful case study in how regulatory and legal environments — not just weather — drive insurance affordability across the country.Today's Stocks & Topics: Alexandria Real Estate Equities, Inc. (ARE), Market Wrap, Berkshire Hathaway Inc. (BRK-B), Schwab U.S. Dividend Equity ETF (SCHD), Steel Dynamics, Inc. (STLD), Florida Home Insurance Reform Is Working — And It Could Reshape the Entire Market, Vanguard Small-Cap Value Index Fund ETF Shares (VBR), iShares MSCI Indonesia ETF (EIDO), Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK), Spacex (SPCX), Vanguard Total World Stock Index Fund ETF Shares (VT), The U.S. Treasury issues Treasury Bills (T-Bills).Our Next Wealth Webinar: “Beyond the Yield: How to Invest for Your Income Needs” June 30th, 2026 - 12:00 pmTo sign up: https://us06web.zoom.us/webinar/register/5717793889555/WN_XuoDgMVwSv6wZXXurrZTLgOur Sponsors:* Check out Anthropic and use my code Claude.ai/invest for a great deal: https://www.anthropic.com* Check out Chilipad and use my code sleep.me/INVEST for a great deal: https://sleep.me* Check out Plaud AI and use my code INVEST for a great deal: https://plaud.ai* Check out Progressive: https://www.progressive.com* Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com* Check out Scribe and use my code scribe.how/invest for a great deal: https://scribe.com* Check out TaskRabbit and use my code INVEST for a great deal: https://taskrabbit.com* Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.comAdvertising Inquiries: https://redcircle.com/brands

In his relentless pursuit of a deal with Iran, Donald Trump has now returned to military escalation, resuming combat operations and warning that the United States will seize Iran's key oil export hub on Kharg Island. This so-called moderate ceasefire signals a renewed campaign of punishing strikes on Iran until it agrees to terms set by the administration's negotiating team. As Miad explains, however, Iran's hardline is not the “leverage” Tehran believes it to be, because Iran ultimately must reopen the Strait of Hormuz for its own economic survival. But at this moment, Donald Trump has no viable partner for peace, and Iran will likely never offer such an option. As Marc and Dany point out, there is no Iranian Delcy Rodríguez, and these kinds of arrangements have expiration dates, particularly as 2028 approaches. As long as the sole measure of success in Iran is a negotiated deal, the Iranians hold the power to decide whether victory is possible. It is up to Trump to decide whether that's acceptable.Miad Maleki is a senior fellow at the Foundation for Defense of Democracies (FDD), former senior U.S. sanctions strategist and national security leader, and former associate director for the Treasury's Office of Global Targeting at the Office of Foreign Assets Control (OFAC). Miad played a central role in marshalling the Treasury Department's sanctions campaigns against the Iranian regime and its proxy groups: Hezbollah, Hamas, Iraqi Shiite militias, and the Houthis. He is also a U.S. Air Force Veteran.Read the transcript here.Subscribe to our Substack here.

Mea Culpa welcomes back Reed Galen. Co-founder of The Lincoln Project and a veteran public affairs and political commentator with more than 20 years of experience, Reed has been involved in politics, government, and business at the highest levels. Galen has spent more than a decade advising Fortune 50, 100, and 1000 companies in need of high-level counsel in the fields of strategic communications, procurement, and legislation. In addition to his private sector work, Reed has managed several high-profile ballot measure campaigns in California, Texas, and Colorado – Before moving to the private sector, Reed served as Deputy Campaign Manager for John McCain's presidential campaign and Deputy Campaign Manager for Arnold Schwarzenegger's successful 2006 re-election campaign. Galen also worked on both of President George W. Bush's campaigns and served the Bush Administration at both the U.S. Department of the Treasury and the Department of Homeland Security. As founder of the Lincoln Project, Galen has lead the group's vision and created some of its most memorable attacks against Donald Trump, Ron DeSantis, and others. He is now focused on not only ridding the nation of Trump but attempting to purge the GOP of its love affair with MAGA ideology. We had the opportunity to speak to him in the midst of these historic indictments.