Podcasts about Treasury

Tonight on The Last Word: Trump ally Steve Bannon calls for ICE at polling sites. Also, Democratic governors condemn Donald Trump's threat to “nationalize” elections. And in a New York Times op-ed, Reece Jones says “the border patrol is the problem.” Andrew Weissmann, Gov. Abigail Spanberger, and Reece Jones join Lawrence O'Donnell. To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Jeffrey Epstein's entanglement with Leon Black and Larry Summers runs through the Jeffrey Epstein VI Foundation and its flagship project, the Institute for New Economic Thinking (INET), born out of the wreckage of the 2008 financial crisis. Black, the billionaire Apollo founder, bankrolled INET with roughly $25 million and installed himself as its chief patron, while Summers — fresh off his controversial presidency at Harvard and a career bouncing between Wall Street and Washington — became one of its intellectual faces. Epstein, already a convicted sex offender by 2008, quietly emerged as a financial conduit and behind-the-scenes broker for INET and its affiliates, using donor networks, shell foundations, and elite access to move money and cultivate influence. Through Epstein's foundation, funds were routed into academic projects, conferences, and research hubs that placed him back inside elite academic circles that had supposedly shut him out, laundering his reputation through economics, philanthropy, and intellectual respectability.What makes the IPI/INET web so corrosive is how thoroughly it fused money, power, and reputational cover. Black would later admit paying Epstein $158 million for “tax advice,” an explanation so implausible it collapsed under its own weight, while Summers maintained institutional ties to projects and donors connected to Epstein long after his 2008 conviction was public record. Epstein was not a peripheral donor — he was a facilitator, recruiter, and fixer who connected hedge-fund money, Ivy League legitimacy, and political access in a closed loop that insulated all participants from scrutiny. The IPI ecosystem gave Epstein exactly what he needed after Florida: proximity to young academics, international travel, visa sponsorships, and an elite shield that made him look like a disgraced financier turned reformed intellectual benefactor. It wasn't an accident, and it wasn't ignorance — it was a deliberate system where billionaires, former Treasury secretaries, and a convicted predator all found mutual benefit inside the same polished academic machine.to contact  me:bobbycapucci@protonmail.com

Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen discuss the path for U.S. interest rates after the nomination of Kevin Warsh for next Fed chair.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 we'll be talking about the Federal Open Market Committee meeting that occurred last week.It's Thursday, February 5th at 8:30 am in New York.So, Mike, last week we had the first Federal Open Market Committee meeting of 2026. What were your general impressions from the meeting? And how did it compare to what you had thought going in? Michael Gapen: Well, Matt, I think that the main question for markets was how hawkish a hold or how dovish a hold would this be. As you know, it was widely expected the Fed would be on hold. The incoming data had been fairly solid. Inflation wasn't all that concerning, and most of the employment data suggested things had stabilized. So, it was clear they were going to pause. The question was would they pause or would they be on pause, right? And in our view, it was more of a dovish hold. And by that, it suggests to us, or they suggested to us, I should say, that they still have an easing bias and rates should generally move lower over time. So, that really was the key takeaway for me. Would they signal a prolonged pause and perhaps suggest that they might be done with the easing cycle? Or would they say, yes, we've stopped for now, but we still expect to cut rates later? Perhaps when inflation comes down and therefore kind of retain a dovish bias or an easing bias in the policy rate path. So, to me, that was the main takeaway. Matthew Hornbach: Of course, as we all know, there are supposed to be some personnel changes on the committee this year. And Chair Powell was asked several questions to try to get at the future of this committee and what he himself was going to do personally. What was your impression of his response and what were the takeaways from that part of the press conference? Michael Gapen: Well, clearly, he's been reluctant to, say, pre-announce what he may do when his term is chair ends in May. But his term as a governor extends into 2028. So, he has options. He could leave normally that's what happens. But he could also stay and he's never really made his intentions clear on that part. I think for maybe personal or professional reasons. But he has his own; he has his own reasons and, and that's fine. And I do think the recent subpoena by the DOJ has changed the calculus in that. At least my own view is that it makes it more likely that he stays around. It may be easier for him to act in response to that subpoena by being on staff. It's a request for additional information; he needs access to that information. I think you could construct a reasonable scenario under which, ‘Well, I have to see this through, therefore, I may stay around.' But maybe he hasn't come to that conclusion yet. And then stepping back, that just complicates the whole picture in the sense that we now know the administration has put forward Kevin Warsh as the new Fed chair. Will he be replacing the seat that Jay Powell currently sits in? Will he be replacing the seat that Stephen Myron is sitting in? So yes, we have a new name being put forward, but it's not exactly clear where that slot will be; and what the composition of the committee will look like. Matthew Hornbach: Well, you beat me to the punch on mentioning Kevin Warsh… Michael Gapen: I kind of assumed that's where you were going. Matthew Hornbach: It was going to be my next question. I'm curious as to what you think that means for Fed policy later this year, if anything. And what it might mean more medium term? Michael Gapen: Yeah. Well, first of all, congratulations to Mr. Warsh on the appointment. In terms of what we think it means for the outlook for the Fed's reaction function and interest rate policy, we doubt that there will be a material change in the Fed's reaction function. His previous public remarks don't suggest his views on interest rate policy are substantively outside the mainstream, or at least certainly the collective that's already in the FOMC. Some people would prefer not to ease. The majority of the committee still sees a couple more rate cuts ahead of them. Warsh is generally aligned with that, given his public remarks. But then also all the reserve bank presidents have been renominated. There's an ongoing Supreme Court case about the ability of the administration to fire Lisa Cook. If that is not successful, then Kevin Warsh will arrive in an FOMC where there's 16 other people who all get a say. So, the chair's primary responsibility is to build a consensus; to herd the cats, so to speak. To communicate to markets and communicate to the public. So, if Mr. Warsh wanted to deviate substantially from where the committee was, he would have to build a consensus to do that. So, we think, at least in the near term, the reaction function won't change. It'll be driven by the data, whether the labor market holds up, whether inflation, decelerates as expected. So, we don't look for material change. Now you also asked about the medium term. I do think where his views differ, at least with respect to current Fed policy is on the size of the Fed's balance sheet and its footprint in financial markets. So, he has argued over time for a much smaller balance sheet. He's called the Fed's balance sheet bloated. He has said that it creates distortions in markets, which mean interest rates could be higher than they otherwise would be. And so, I think if there is a substantive change in Fed policy going forward, it could be there on the balance sheet. But what I would just say on that is it'll likely take a lot of coordination with Treasury. It will likely take changes in rules, regulations, the supervisory landscape. Because if you want to reduce the balance sheet further without creating volatility in financial markets, you have to find a way to reduce bank demand for it. So, this will take time, it'll take study, it'll take patience. I wouldn't look for big material changes right out of the box. So Matt, what I'd like to do is, if I could flip it back to you, Warsh was certainly one of the expected candidates, right? So, his name is not a surprise. But as we knew financial markets, one day we're thinking it'd be one candidate. The next day it'd be thinking at the next it was somebody else. How did you see markets reacting to the announcement of Mr. Warsh? For the next Fed share, and then maybe put that in context of where markets were coming out of the last FOMC meeting. Matthew Hornbach: Yeah, so the markets that moved the most were not the traditional, very large macro markets like the interest rate marketplace or the foreign exchange market. The markets that moved the most were the prediction markets. These newer markets that offer investors the ability to wager on different outcomes for a whole variety of events around the world. But when it comes to the implications of a Kevin Warsh led Fed – for the bigger macro markets like interest rates and currencies, the question really comes down to how? If the Fed's balance sheet policies are going to take a while to implement, those are not going to have an immediate effect, at least not an effect that is easily seen with the human eye. But it's other types of policy change in terms of his communication policy, for example. One of the points that you raised in your recent note, Mike, was how Kevin Warsh favored less communication than perhaps some of the recent, Federal Open Market Committees had with the public. And so, if there is some kind of a retrenchment from the type of over-communication to the marketplace, from either committee members or non-voters that could create a bit more volatility in the marketplace. Of course, the Fed has been one of the central banks that does not like to surprise the markets in terms of its monetary policy making. And so, that contrasts with other central banks in the G10. For example, the Swiss National Bank tends to surprise quite a lot. The Reserve Bank of Australia tends to surprise markets. More often, certainly than the Fed does. So, to the extent that there's some change in communication strategy going forward that could lead to more volatile interest rate in currency markets. And that then could cause investors to demand more risk premium to invest in those markets. If you previously were comfortable owning a longer duration Treasury security because you felt very comfortable with the future path of Fed policy, then a Kevin Warsh led Fed – if it decides to change the communication strategy – could naturally lead investors to demand more risk premium in their investments. And that, of course, would lead to a steeper U.S. Treasury curve, all else equal. So that would be one of the main effects that I could see happen in markets as a result of some potential changes that the Fed may consider going forward. So, Mike, with that said, this was the first FOMC meeting of the year, and the next meeting arrives in March. I guess we'll just have to wait between now and then to see if the Fed is on hold for a longer period of time or whether or not the data convinced them to move as soon as the March meeting. Thanks for taking time to talk, Mike. 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.

Paul Krugman, Nobel laureate in economics, former New York Times columnist now on Substack, distinguished professor at the City University of New York Graduate Center, and the author of Arguing with Zombies: Economics, Politics, and the Fight for a Better Future (W. W. Norton & Company, 2020), talks about how President Trump's economic policies are affecting investors, and what that could mean for the overall economy.

Today on Stinchfield, undeniable proof that President Donald Trump has assembled the greatest cabinet in American history. Treasury Secretary Scott Bessent delivered a masterclass before Congress, calmly dismantling Democrat hysteria while laying out a rock solid defense of President Trump’s America First economic agenda. Clear, confident, and in full command of the facts, Bessent showed exactly why Trump’s cabinet stands head and shoulders above anything Washington has seen before. Bessent’s testimony exposed the left’s economic illiteracy and reaffirmed why President Trump’s policies are working. Lower inflation pressure, stronger markets, and a government finally focused on growth instead of globalist fantasies. When Democrats tried to grandstand, Bessent answered with precision and authority, leaving no doubt that the Treasury is in the hands of a serious leader. We also break down President Trump’s powerful remarks at today’s National Prayer Breakfast, where he delivered an unapologetic defense of religious freedom in America. At a time when faith is under constant attack from the radical left, Trump stood firm for believers, churches, and the foundational role faith plays in this nation. We will play highlights from his speech and explain why it matters now more than ever. https://TheMaverickSystem.comhttps://GrantLovesGold.comhttps://www.EnergizedHealth.com/Granthttps://www.PatriotMobile.com/Granthttps://Twc.Health/Grant with code “Grant” for 10% offhttps://VRAInsider.com See omnystudio.com/listener for privacy information.

President Donald Trump at the annual National Prayer Breakfast talks about his chances of getting to heaven and announces an upcoming prayer gathering in May on the National Mall in Washington. He also touches on other issues like immigration enforcement; Congressional Democrats spell out their demands for reforming the Department of Homeland Security's immigration operations in exchange for supporting an extension of funding in a week. Congressional Republicans and the White House react; Treasury Secretary Scott  Bessent testifies before the Senate Banking Committee on affordability and Federal Reserve independence; Last major nuclear weapons control treaty between the U.S. and Russia, New START, expires today. President Trump calls it a 'badly negotiated deal' and calls for a 'new, improved & modernized treaty that can last long into the future'; House Speaker Emerita Nancy Pelosi (D-CA) warns of threats to the First Amendment in a speech at the Washington Press Club Foundation annual dinner; Vice President JD Vance lands in Italy to lead the U.S. delegation to the Winter Olympics; former Rep. Lee Hamilton (D-IN) has died at age 94. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the security news this week: Residential proxy abuse is everywhere this week: from Google's takedown of IPIDEA to massive Citrix NetScaler scanning and the Badbox 2.0 botnet Supply chain fun time: Notepad++ updates were hijacked Attackers set their sights on: Ivanti EPMM, Dell Unity storage, Fortinet VPNs/firewalls, and ASUSTOR NAS devices Russian state hackers went after Poland's grid Is ICE on a surveillance shopping spree and into hacking anti-ICE apps? Ukraine's war-time Starlink problem is turning into a policy and controls experiment The AI security theme is alive and well with exposed LLM endpoints, OpenClaw/Moltbot/Moltbook fiasco, and letting anyone hijack agents Signed forensic driver for Windows is still an EDR killer The Trump administration's rollback of software security attestation National Cyber Director Sean Cairncross says: “less regulation, more cooperation.” Finally, there are some “only in infosec” human stories: * pen testers arrested in Iowa now getting a settlement, * a Google engineer convicted over stolen AI IP, * Booz Allen losing Treasury work over intentional insider leaks, * and an “AI psychosis” saga at an adult-content platform. Visit https://www.securityweekly.com/psw for all the latest episodes! Show Notes: https://securityweekly.com/psw-912

Despite the drumbeat of crash talk, the numbers tell a more nuanced story. Today's housing market isn't in freefall; it's recalibrating. Cara Lavender, senior research manager at John Burns Research and Consulting, joins Host Carol Morgan on the Atlanta Real Estate Forum Radio podcast to discuss where the housing market stands today and what builders and developers should expect as 2026 progresses. A Housing Market in Recalibration, Not Crisis Despite ongoing headlines predicting a housing crash, recent data tells a very different story. The current market environment is highly segmented, with affordability continuing to shape outcomes. First-time buyers remain constrained, while move-up and luxury segments are seeing more consistent activity. Rising inventory and softening prices reflect a recalibration, not systemic weakness. “We're still in a slow market, but we're seeing stabilization in a lot of areas,” Lavender said. “In no sense of the word are we seeing that we're on the verge of a “crash” when we look at all the data.” John Burns Research and Consulting forecasts average mortgage rates at around 6.6%, driven by normalization in the spread between the 10-year Treasury and the 30-year mortgage rate. While builders have been able to offset higher rates through aggressive buydowns, easing rates should provide more upside on the resale side, where demand has been more sensitive to borrowing costs. Nationally, the housing market remains structurally undersupplied by approximately 1.1 million homes, even as near-term supply has loosened across both new and resale markets. In metro Atlanta, resale supply currently sits around 4.3 months, a range traditionally considered healthy. How Affordability Is Shaping Buyer Behavior Affordability is a key factor in current market conditions, particularly as taxes and insurance continue to add pressure to monthly payments. Entry-level buyers remain highly payment-sensitive, while move-up buyers are increasingly returning to the market. “This is not a build-it-and-they-will-come market anymore,” she said. “Success is going to come from tightly refined offerings and really understanding who the buyer is in your market.” As resale sellers adjust pricing expectations, many move-up buyers—often sitting on significant equity—are finally able to make their next move. Buyers are making trade-offs, prioritizing efficiency and functionality over excess space, mirroring builders' efforts to value-engineer floor plans and control costs. Why Move-In-Ready Homes Are Winning Buyer preference for move-in-ready homes remains strong. According to John Burns’ research surveys, nearly 40% of resale listings require significant repairs or updates. “People don't want to put a new roof on. They don't want to redo flooring or kitchens,” Lavender said. “If sellers aren't willing to bring the price down, they're going to have to offer repairs or credits.” Homes that are well-located, competitively priced and turnkey continue to attract strong demand, while properties requiring work face longer marketing times and tougher negotiations. Build-to-Rent & the Changing Path to Homeownership As affordability challenges continue to delay first-time homeownership, build-to-rent (BTR) communities are playing an increasingly important role in the Atlanta housing market. These communities provide a longer-term rental solution for households that want the benefits of single-family living but are not yet ready or able to buy. Build-to-rent offers access to detached homes, private outdoor space and community amenities at a more attainable monthly cost, effectively bridging the gap between traditional apartments and homeownership. A “Boring” 2026 Outlook Looking ahead, John Burns Research and Consulting forecasts a gradual recovery in 2026, following several years of volatility across both new home and resale markets. While production levels and pricing are still expected to soften modestly in the near term, those declines are projected to be less severe than what the industry experienced throughout 2025. Lavender said, “Our 2026 forecast is kind of boring—and that's a good thing.” Tune in to the full episode to hear data-driven insights on today's housing market, affordability trends and what builders and developers can expect in 2026. Learn more about John Burns Research and Consulting at https://JBREC.com/. About John Burns Research and Consulting John Burns Research and Consulting provides data-driven insights across every housing sector, including new home construction, resale, single-family rental and build-to-rent. It helps companies make informed decisions and mitigate risk in order to identify opportunities in a complex market. From M&A projects to consumer surveys, the firm covers every aspect of the housing industry. Podcast Thanks Thank you to Denim Marketing for sponsoring Atlanta Real Estate Forum Radio. Known as a trendsetter, Denim Marketing has been blogging since 2006 and podcasting since 2011. Contact them when you need quality, original content for social media, public relations, blogging, email marketing and promotions. A comfortable fit for companies of all shapes and sizes, Denim Marketing understands marketing strategies are not one-size-fits-all. The agency works with your company to create a perfectly tailored marketing strategy that will suit your needs and niche. Try Denim Marketing on for size by calling 770-383-3360 or by visiting www.DenimMarketing.com. About Atlanta Real Estate Forum Radio Atlanta Real Estate Forum Radio, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week's show, be sure to rate it. Atlanta Real Estate Forum Radio was recently honored on FeedSpot's Top 100 Atlanta Podcasts, ranking 16th overall and number one out of all ranked real estate podcasts. The post Cara Lavender: The Housing Market Isn't Crashing appeared first on Atlanta Real Estate Forum.

Our Chief Cross-Asset Strategist Serena Tang and senior leaders from Investment Management Andrew Slimmon and Jitania Kandhari unpack new investment trends from supportive monetary and fiscal policy and shifting market leadership. Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross Asset Strategist. Today we're revisiting the 2026 global equity outlook with two senior leaders from Morgan Stanley Investment Management. Andrew Slimmon: I am Andrew Slimmon, Head of Applied Equity Team within Morgan Stanley Investment Management. Jitania Kandhari: And I'm Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, Portfolio Manager for Passport Strategies and Head of Macro and Thematic Research for Emerging Market Equities within Morgan Stanley Investment Management.It's Tuesday, February 3rd at 10 am in New York. So as investors are entering in 2026, after several years of very strong equity returns with policy support reaccelerating. As regular listeners have probably heard, Mike Wilson, who of course is CIO and Chief Equity Strategist for Morgan Stanley – his view is that we ended a three-year rolling earnings recession in last April and entered a rolling recovery and a new bull market. Now, Andrew, in the spirit of debate, I know you have a different take on valuations and where we are at in the cycle. I'd love to hear how you're framing this for investment management clients. Andrew Slimmon: Yeah, I mean, I guess I focus a little bit more on the behavioral cycle. And I think that from a behavioral cycle we're following a very consistent pattern, which is we had a bad bear market in 2022 that bottomed down 25 percent. And that provided a wonderful opportunity to invest. But early in a behavioral cycle, investors are very pessimistic. And that was really the story of [20]23 and really 2024, which were; investors, you know, were negative on equities. The ratios were all very negative and investors sold out of equities. And that's consistent with a early cycle. And then as you move into the third-fourth year, investors tend to get more optimistic about returns. Doesn't necessarily mean the market goes down. But what it does mean is the market tends to get more volatile and returns start to compress, and ultimately, bull markets die on euphoria. And so, I think it's late cycle, but it's not end of cycle. And that's my theme; is late cycle but not end of cycle.Serena Tang: And I think on that point, one very unusual feature of this environment is that you have both monetary and fiscal policy being supportive at the same time, which, of course, rarely happens outside of recession. So how do you see those dual policy forces shaping market behavior and which parts of the market tend to benefit? Andrew Slimmon: Well, that's exactly right. Look, the last time I checked, page one of the investment handbook says, ‘Don't fight the Fed.' And so, you have monetary policy easing. And what we; remember what happened in 2021? The Fed raised rates and monetary policy was tightening. Equities do well when the Fed is easing, and that's one of the reasons why I think it's not end of cycle. And then you layer in fiscal policy with tax relief coming, it is a reason to be relatively optimistic on equities in 2026. But it doesn't mean there can't be bumps along the way – and I think a higher level of optimism as we're seeing today is a result of that. But I think you stick with those more procyclical areas: Finance, Industrials, Technology, and then you move down the cap curve a little bit. I think those are the winning trades. They really started to come to the fore in the second half of last year, and I think that will continue into 2026. Serena Tang: Right. And we've definitely seen some bumps recently, but I think on your point around yields. So, Jitania, I think that policy backdrop really ties directly to your idea of the age of capped real rates. In very simple terms, can you explain what that means and what's behind that view? Jitania Kandhari: Sure. When I say age of real rates being capped, I mean like the structural template within which I'm operating, and real rates here are defined by the 10-year on the Treasury yield adjusted for CPI.Firstly, I'd say there was too much linear thinking in markets post Liberation Day. That tariffs equals inflation equals higher rates. Now, tariff impacts, as we have seen, can be offset in several ways, and economic relationships are rarely linear.So, inflation may not go up to the extent market is expecting. So that supports the case for capped rates. And the real constraint is the debt arithmetic, right? So, if you look at the history of public debt in the U.S., whenever there was a surge in public debt during the Civil War, two World Wars, Global Financial Crisis, even during COVID. In all these periods, when debt spiked, real rates have remained negative.So, there can be short term swings in rates, but I believe that markets not necessarily central banks will even enforce that cap. Serena Tang: You've described this moment, as the great broadening of 2026. What's driving this and what do you think is happening now after years of very narrow concentration? Jitania Kandhari: Yes. I think like if last decade was about concentration, now it's going to be about breadth. And if you look at where the concentration was, it was in the [Mag] 7, in the AI trade. We are beginning to see some cracks in the consensus where adoption is happening, but monetization is lagging. But clearly the next phase of value creation could happen from just the model building to the application layer, as you guys have also talked about – from enablers to adopters.The other thing we are seeing is two AI ecosystems evolve globally. The high cost cutting edge U.S. innovation engine and the lower cost efficiency driven Chinese model, each of them have their own supply chain beneficiaries. And as AI is moving into physical world, you're going to see more opportunities. And then secondly, I think there are limitations on this tariff policies globally; and tariff fears to me remain more of an illusion than a reality because U.S. needs to import a lot of intermediate goods And then lastly, I see domestic cycles inflecting upwards in many other pockets of the world. And you add all this up; the message is clear that leadership is broadening and portfolio should broaden too. Serena Tang: And I want to sort of stay on this topic of broadening. So, Andrew, I think, you've also highlighted, you know, this market broadening, especially beyond the large cap leaders, even as AI investment continues, I think, as you touched on earlier. So why does that matter for equity leadership in 2026? And can you talk about the impact of this broadening on valuations in general? Andrew Slimmon: Sure. So I think, you know, I've been around a long time and I remember when the internet first rolled out, the Mosaic browser was introduced in 1993. And the first thing the stock market tried to do is appoint winners – of who was going to win the internet, you know, search race. And it was Ask Jeeves and it was Yahoo and it was Netscape. Well, none of those were the winners. We just don't know who's ultimately going to be the tech winner. I think it's much safer to know that just like the internet, AI is a technology productivity enhancing tool, and companies are going to embrace AI just like they embraced the internet. And the reason the stock market doubled between 1997 and the dotcom peak was that productivity margins went up for a lot of companies in a lot of industries as they embraced the internet. So, to me, a broadening out and looking at lower valuations, it is in many ways safer than saying this is the technology winner, and this is technology loser. I think it's all many different industries are going to embrace and benefit from what's going on with AI. Serena Tang: You don't want to know where I was in 1993. And I don't recognize most of those names. Andrew Slimmon: Sorry. I was 14! Serena Tang: [Laughs] Ok. Investors often hear two competing messages now. Ignore the macro and buy great companies or let the big picture drive everything. How do you balance top-down signals with bottom-up fundamentals in your investment process? Andrew Slimmon: Yeah, I think you have to employ both, and I hear that all the time; especially I hear, you know, my competitors, ‘Oh, I just focus on my stock picks, my bottom up.' But, you know, look statistically, two-thirds of a manager's relative performance comes from macro. You know, how did growth do? How did value do? All those types of things that have nothing to do with what stock picks... And likewise, much of a return of an individual stock has to do with things beyond just what's happening fundamentally. But some of it comes from what's happening at the company level. So, I think to be a great investor, you have to be aware of the macro. The Fed cutting rates this year is a very powerful tool, and if you don't understand the amplifications of that as per what types of stocks work, because you're so focused on the micro, I think that's a mistake. Likewise, you have to know what's going on in your company [be]cause one third of term does come from actual stock selection. So, I'm a big believer in marrying a top down and a bottom up and try to capture the two thirds and the one third.Serena Tang: Since that 2022 bear market low that you talked about earlier. I mean, your framework really favored growth and value over defensives. But I think more recently you've increased your non-U.S. exposure. What changed in your top-down signals and bottom-up data to make global opportunities more compelling now? Is it the narrative of the end of U.S. exceptionalism or something else? Andrew Slimmon: No, I really think it's actually something else, which is we have picked up signals from other parts of the world, Europe and Japan. That are different signals than we saw really for the last decade, which is namely that pro-cyclical stocks started to work. Value stocks started to work in the first half of 2025. And you look at the history of when that happens, usually value doesn't work for a year and peter out. So that's been a huge change where I would say, a safer orientation has shown the relative leadership, and we have to be – recognize that. So, in our global strategies, we've been heavily weighted towards, the U.S. orientation because we didn't see really a cyclical bias outside. And now that's changing and that has caused us to increase the allocation to non-U.S. exposure. It's a longwinded way of saying, look, I think what the story of last year was the U.S. did just fine. But there were parts of the world that did better and I think that will continue in 2026. Serena Tang: Andrew, Jitania thank you so much for taking the time to talk. Andrew Slimmon: Great speaking with you, Serena. Jitania Kandhari: Thanks for having us on the show. Serena Tang: 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.

In today's show, The Right Side, we go beyond headlines and into the hidden architecture of power that shapes nations, markets, and everyday life.This episode breaks down why markets move on confidence, not just data, how the Federal Reserve and U.S. Treasury operate as two separate keys to the same financial system, and why **legitimacy — not force — is what ultimately holds a Republic together.We explore how money, law, and meaning interact to create stability or chaos, why unelected institutions shape daily life more than most people realize, and how global actors read America's internal signals as cues for pressure, testing, and leverage.This is a civic deep-dive for listeners who want more than talking points — a master-class in understanding how power really works inside a constitutional Republic.

This week's episode of Wealth Formula features an interview with Claudia Sahm, and I want to share a quick takeaway before you listen — because she's often misunderstood in the headlines. First, a quick explanation of the Sahm Rule, in plain English. The rule looks at unemployment and asks a very simple question:Has the unemployment rate started rising meaningfully from its recent low? Specifically, if the three-month average unemployment rate rises by 0.5% or more above its lowest level over the past year, the Sahm Rule is triggered. Historically, that has happened early in every U.S. recession since World War II. That's why it gets cited so much. And to be clear — it's cited a lot. The Sahm Rule is tracked by the Federal Reserve, Treasury economists, Wall Street banks, macro funds, and economic research shops globally. When it triggers, it shows up everywhere. That's not by accident. Claudia built one of the cleanest early-warning indicators we have. But here's the part that often gets lost. The Sahm Rule is not a market-timing tool and it's not a prediction machine. Claudia emphasized this repeatedly. It was designed as a policy signal — a way to say, “Hey, if unemployment is rising this fast, waiting too long to respond makes things worse.” In other words, it's a call to action for policymakers, not a command for investors to panic. What makes this cycle unusual — and why talking to Claudia directly was so helpful — is what's actually driving the data. We're not seeing mass layoffs. Layoffs remain low by historical standards. What we're seeing instead is very weak hiring. Companies aren't firing people — they're just not expanding. That distinction matters. And this is where I think the big picture comes in — not just for understanding the economy, but for investing in general. When you step back, the big picture includes a government with massive debt loads that needs interest rates to come down over time. It includes fiscal pressures that make prolonged high rates politically and economically painful. And it includes the reality that if the current Fed leadership won't ease fast enough, future leadership will. History tells us that governments eventually get the monetary conditions they need — even if it takes time, even if it takes new appointments, and even if it takes a shift toward a more dovish Federal Reserve. That doesn't mean reckless money printing tomorrow. But it does mean that structurally high rates are unlikely to be permanent. And when you combine that with investing, the question becomes less about this month's headline and more about what's positioned to benefit when the environment normalizes. That's why I continue to focus on real assets that are already deeply discounted — things like multifamily real estate — assets that were repriced brutally during the rate shock, but still sit at the center of a growing, rent-dependent economy. This conversation with Claudia reinforced something I've been talking about for a long time:The biggest investing mistakes usually happen when people zoom in too far and forget to zoom back out. I've made this mistake myself. If you want a thoughtful, non-sensational, data-driven discussion about where we actually are in this cycle — and what the indicators really mean — I think you'll get a lot out of this episode. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com. Welcome everybody. This is Buck Joffrey with the Well Formula Podcast coming to you from Montecito, California. Before we begin today, I wanna remind you, uh, listen, we’re back in, uh, back in the saddle in here in, uh, 2026. I know it’s takes some time to get used to it, but we’re, gosh, we’re at the end of the month actually by the time this plays. I think we’re in February. It’s time again to start thinking about investing. And so if you are interested in potentially using this year, which I believe and which many believe to potentially be the last year, uh, big discounts, uh, in real estate and, uh, various other types of offerings. Make sure. To sign up for the Accredit Investor group, our investor club, as we call it wealthformula.com. You do need to be an accredit investor and then you get onboarded. An accredit investor is just defined by who you are. If you make over $300,000 per year filing jointly, or 200 by yourself, every reasonable expectation to do so in the future. Or you have a net worth of a million dollars outta your personal, outside of your personal residence, you’re an accredit investor. Congratulations. Join the club wealthformula.com. Interesting podcast. Today we have, uh, Claudia Sahm She’s a Big Deal, Claudia Sahm. You may recognize that last name som, for this som rule. And what is a som rule in plain English. You actually have heard of the som rule multiple times from other economists who’ve been on the show. The som rule looks at unemployment. And asks a very simple question. Now, has the unemployment rate started rising meaningfully from its recent low? So specifically, if the three month average unemployment rate rises 0.5% or more above its lowest level, over the past year, this som rule is triggered. Now, historically, that has happened early in every US recession since the World War ii. That’s why it gets cited so much. It gets cited a lot. By the way, the sum rule is tracked by the Fed treasury economists, wall Street Banks, macro funds, economic research shops globally, and when it triggers, it shows up everywhere, and that’s not by accident. Uh, Claudia has built one of the cleanest early warning indicators we have, but here’s the part that often gets lost. The som rule is not a market timing tool, and it’s not a prediction machine. Claudia, uh, emphasized that repeatedly. It was designed as a policy signal, a way to say, Hey, if unemployment’s rising this fast, wait, waiting too long to respond makes things worse. In other words, it’s call to action for policy makers, not a command for investors to panic per se. So what makes this cycle unusual and why talking to Claudia directly was so helpful? Well, it’s what’s actually driving the data. We’re not seeing mass layoffs. Layoffs remain low by historical standards. Um, what we’re seeing instead is very weak. Hiring companies aren’t firing people, they’re just not expanding, and that distinction matters. This is where the big picture comes in, not just for understanding the economy. For investing in general and when you step back, the big picture includes a government with massive debt loads that need interest rates to come down over time. It includes fiscal pressures that make prolonged high rates politically and economically painful. I’ve mentioned this before and it includes the reality that have to fed, fed, uh, if the current Fed leadership won’t ease fast enough. I am likely the case that future leadership appointed by. Donald Trump himself, uh, will, so history tells us that governments eventually get the monetary conditions they need, even if it takes time, even if it takes new appointments. And even if it takes a shift towards a more dovish federal reserve. Uh, that doesn’t mean, uh, reckless money printing tomorrow, but it does mean that structurally. High interest rates are unlikely to be permanent. Okay? And when you combine that with investing, the question becomes less about this month’s headline and more about what’s positioned to benefit when the environment normalizes. Okay? That’s really, really important, and that’s why I continue to focus on things like real estate, right? Real estate is currently. Not for long, in my opinion, but deeply discounted things like multifamily real estate, um, that were repriced brutally during the rate shot, uh, but are still at the center of a growing and, and rent dependent economy. And again, uh, this conversation with Claudia reinforced something that I’ve been talking about a long time, which is the biggest investing mistakes usually happen when people zoom in too far and forget to zoom back out. I’ve made that mistake myself. I am not immune. I have made lots of mistakes, and that’s one of them. So this is a great conversation. Hopefully you’ll enjoy it, especially if you want a thoughtful, nons sensational data-driven discussion. Where we are actually at in this cycle and what these indicators really mean. I think you’ll get a lot of this episode and we will have this conversation for you right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps. Paying you compound interest on that money even though you’ve borrowed it at result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealthformulabanking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today my guest on Wealth Formula podcast is Dr. Claudia Sahm. Uh, she’s an American, uh, macroeconomic expert, uh, known for her work, uh, on monetary and fiscal policy and real-time economic indicators. She developed this som rule, which I think, uh, people have mentioned on this show before, so this is a great opportunity to talk to her about that. Uh, it’s a widely, uh, followed recession signal based on unemployment. She’s also a former Federal Reserve economist and senior policy advisor in government. Um, so welcome, uh, Dr. Sahm. Great. Happy to be here. Thank you. Well, let’s, let’s kind of start out with this som rule because, uh, you know, it’s funny, we, we have had a few different people, uh, at various times bring up the SOM rule, and I think one had actually said that it was triggered, but I don’t don’t think it was at any rate, let’s, let’s start with that. What is the som rule? Lemme start with why is there a som rule, and then we’ll then we’ll get to specifically what the, what the rule is itself. So when I started out on the project, it wasn’t so much about. Calling a recession, like there are some really fancy technical ways that economists like look at the tea leaves and the data and either try to forecast a recession, which is incredibly hard, or even just say we’re in a recession in real time. So like that’s a useful endeavor. But what actually was behind the development of my recession indicator was more of a call to action. How do we develop policies that, that the Congress can put into place very quickly if a recession comes? So these kind of what are referred to as automatic stabilizers, so they’re decided upon ahead of time, but then you do need a trigger that says a recession is here. So now that enhance the unemployment benefits, send out the stimulus checks, whatever it is that we kind of have as our typical tools that are used in recessions, we could have those ready to go as kind of guardrails. Then like you, you turn the policy on. So that was really my emphasis was on how do we do better policy and recessions, get the support out quickly. ’cause that’s the best chance of kind of stabilizing the situation. And then it’s like, well it was in a, it was in a policy volume that they asked for, like a really concrete proposal. So if I’m gonna say an automatic stabilizer, I need to have a proposal for what a trigger could be. So that’s really where the som rule came. So I think it is important. It’s definitely important to me to, I always remember like what the kind of reason for it’s sure. Now that also guided what the indicator itself looks like. So again, it was gonna be in, in fiscal policy. It needs to be simple, it needs to be something that we track it and it needs to, I felt it was important that it capture the reason that we. Fight recessions, why there’s such a bad, uh, you know, outcome. And so it looks at the, the unemployment rate. I use the national unemployment rate, take a three month average. ’cause we wanna smooth out, like there’s bumps and wiggles in the data from month to month. So you kind of, you know, three month average. One way to smooth it out. So you take that series of three month averages, you look at the current value, you compare to the lowest value over the prior 12 months, if you’ve seen an increase of a half, a percentage point or more. Which is really pretty modest, but half a percentage point or more. Historically, we have been in the early months of a recession, so it’s not a forecast. It’s supposed to be like we’re in it. Let’s go. It’s an empirical pattern. It’s one that’s worked in the United States. It reflects kind of our labor market institutions, the way unemployment rate moves and recessions. It historically is the case that once you get past a certain threshold of increased unemployment rate, it tends to build on itself. And in a typical recession, we see increases of. Two, three or more percentage points in the unemployment rate. Uh, so that’s, that’s what the summer rule is. And in fact, it did trigger in the summer of 2024. At that time I had said like, look around, we are not in a recession. GP is still expanding. Job creation is still happening. We don’t see the other hallmarks of a recession. And pointed to the fact that we’d had a very disrupted labor market after the pandemic in particular. You know, there had been a lot of immigration at that point. The unemployment rate is the total number of unemployed. So people who don’t have a job but are actively looking for one out of the labor force, right? And so these people that have to either be employed or looking for jobs, and so we actually saw from the pandemic. Both with the pandemic and then later with the surge and now the reversal in immigration. We’ve seen a lot of movement in the, in the labor force, which makes unemployment rate a little tricky to interpret. And then I’d also argue, we saw early in the pandemic, the unemployment rate dropped very rapidly. We even had labor shortages. So in some ways unemployment rate rising and it has risen over. I mean, it continued to rise last year in 2025. A lot of that’s also normalization. We’d had a very low unemployment rate. So I think the, the pandemic recession has a lot of features that were very unusual. We’ll talk probably more about the labor market continued to be kind of unusual. So the, you know, the somal was not the only recession indicator to fall flat on its face in the cycle. Um, but I think it’s still a useful, useful guide and I, and. You know, even if it’s not a recession, the, the unemployment rate is a full percentage point above, its low in 2023. So, I mean, that, that could, that could be a reason for policymakers to respond, even if it’s not responding to a recession. Right. That was the first time that it, that triggered and, and actually didn’t. End up in a recession, right? There’s some back in the 1950s, earlier, but it’s, it’s the first time where there’ve been some false positives in the past or, or near false positives. Like in 2003. It was kind of close, uh, is like the unemployment rate rises a little bit and then it falls back down. What we saw after it triggered in 2024 is it stabilized. Then last year it continued to rise. So this the pattern that we’ve seen since the pandemic of rapid recovery dropping unemployment rate and then it’s like gradually rising and yet has risen a full percentage point that you go all the way back in the post World War II period. We don’t see anything that looks like that. So that is a very unusual. Paris. So something’s more is going on in the labor market than just our typical business cycle, boom, bust, recession type dynamics. So what is that? What is the thing that’s happening that’s unusual right now in the labor market? Right? So the thing that is driving the unemployment rate up, I think this is a good lesson, a reminder to all of us. It’s not about layoffs. The rate of layoffs in the United States is really quite low. You look at unemployment insurance claims, they’re also quite low. What’s been pushing the unemployment rate up over the last two and a half years has been a very low rate of hiring and, and it’s, and it is something that over time will at least gradually put upward pressure on the unemployment rate and frankly. Until hiring picks up and we really don’t have many signs of it. Even as we enter 2026 unemployment rate’s gonna probably keep drifting up ’cause we’re not keeping job creation’s, not keeping up with, you know, people coming into the, into the labor market and, and that what’s, I think the puzzle right now is that hiring has been very low. But what we’ve seen in terms of consumer spending, business investment, so the kind of the big pieces of GDP, they’ve really held up pretty well, so. Business. It’s not, again, not that recession of the customers have disappeared. And so we’re not hiring, or we may even be firing workers. The customers are there for the businesses, but they’re choosing in this environment not to add, uh, to their payrolls. And that’s slowly pushing up down point rate. Yeah. Um, you know, it, it’s interesting what you’re, you’re talking about, but essentially you’re, people aren’t getting fired. They’re just, when they retire or leave, they’re just not replacing those. Individuals, you know, makes me think a little bit about what’s going on in the big, you know, in the tech push with artificial intelligence and that kind of thing, and increased in efficiency. Certainly you see that in the larger companies like Amazon and all that, where they’re just becoming massively more productive and cutting expenses essentially by, you know, using tech. Do you think that this is sort of an early indication, potentially of that kind of movement? So it. It’s possible, but I think we’re at the very front end of AI disrupting the labor market. This low hiring rate that we’ve talked about. You see this across all kinds of industries, including ones that don’t show high levels of AI adoption, and frankly, a AI adoption is pretty low. I mean, there are some sectors like tech and increasingly finance and some professional services have higher adoption rates. Uh, but in terms of it being able to explain the low hiring. I think it’s pretty tough ’cause the low hiring is such a, such a broad based, um, phenomenon. Now, AI might be, I think, indirectly contributing in that one of, one of the hypotheses about why, um, businesses have been, uh, not hiring despite, you know, economic activity. Continuing to push ahead could be that there’s a lot of uncertainty. Now there is a long list that we could draw of, of factors that might be causing businesses to be uncertain and hesitant to add to their payrolls. Uh, a lot of times you talk about things with tariffs or, you know, economic policy, regulations changing, you know, so there’s a lot going on there. But it could also be, there’s a lot of uncertainty about what this technology means for the future. Maybe you don’t need to bring on more workers because your ability to kind of use and adapt this technologies coming online. And so like that could be part of it. I think there’s another piece, you know, we have a lot of discussion about ai, but I do think that there’s, there could be a, a technology angle to this that’s, that is. Not in the AI technologies, but maybe just some of the more basic kind of automation is again, right after, you know, the, the pandemic recession as we came out of a, you know, very rapid recovery, uh, there was, there was a lot of hiring or that, ’cause businesses had done a lot of firing and they needed to bring back workers really rapidly and we actually had a period of labor shortages. There were workers moving around a lot and there were, that also put a lot of pressure on some employers, particularly in service sector, to automate more ’cause they just couldn’t get the workers, so they needed to bring technology. Online to help, you know, fill the gap. And over time, you know, businesses though, they haven’t done as much hiring, they have been firing. So the workers, they have longer tenures, have more experience, they’re probably more productive. So maybe businesses can kind of, you know, get away with not doing more hiring. ’cause the people they have there can kind of keep up with it. Um, and they’ve done some more automation. I don’t think those are sustainable. I think we’re going to need to see hiring pickup in terms of, of staying with, um, you know, as expanding, uh, demand from customers. But I won’t pretend to know what AI means for the future of the labor force. Right. So like there could be, I think that’s a big conversation about we’re headed, where we’re headed. I think it’s probably a pretty small slice of explaining. Where we’re at right now. You know, it’s interesting because obviously there was a lot of concerns about rising inflation, and particularly in the context of, you know, tariffs and, and among those types of things that were, were, um, coming down the pipe. And as it turns out, inflation seems to be coming down. How do you explain that from where you sit? Because it, it, it seems sort of to contradict a lot of what, you know, many economists believe to be likely. So when thinking about the effects of tariffs on inflation and this, this idea that it didn’t end up being as much of a factors we had really feared, uh, you know, a year ago. I think there’s a few things to keep in mind. One, the announced tariffs, uh. Didn’t come to pass fully. Right? So there’s a big difference between some of the, the, the initial announcements, whether it was on Liberation Day, April 2nd, or the initial kind of retaliation tit for tat with China, where we ended up with some triple digit, uh, tariff numbers. Those didn’t end up being where we, we ended now tariff, the effect of tariff rate. Is much higher than it was before. Right. Uh, president Trump came into office for the second time, so like, I don’t wanna minimize the, the, the increase in tariffs and the US government collected about $200 billion last year in, in additional tariffs. But there is a, there’s a good bit of daylight between what was announced and where we actually ended up. Businesses also proved very capable of trying to avoid those tariffs and not in like a. Illegal kind of way of avoiding them, but, but using inventories like trying to get ahead of them. We know the tariffs are tariffs. There’s been some evidence that, that it’s businesses are gonna start passing on the tariff cost increase when it’s actually tied to the inventories that they’re putting out in front of customers. And for some of our goods, like say apparel or things that have long seasons or come from, you know, all across the world, it actually takes quite a bit of time from the inventories being what actually shows up in front of customers. So there’s been the ability to. Kind of get around the tariffs ’cause they were rolling in. And so do be smart in terms of your inventories. And then it just takes time for those inventories to be, you know, um, to come down. Mm-hmm. By, there’s been several studies at this place, at this point that, that demonstrate that the, the tariffs, the cost of the tariffs is coming into the us. So the, it’s always the importer that pays the tariff, like literally writes the check to the US government. But it’s possible that the foreign producer could say, reduce their prices on what they’re, you know, paying or what they’re asking to be paid for that, uh, imported good. And then that would be a way of the foreign producer sharing the cost of the tariff. But everything that we see from the M Court data suggests that a very small fraction, probably less than 10%. Of the total tariff burden is being born by, at least at this point, born by the foreign producers. So it’s coming into the us. It’s sitting with either US businesses that are importing the goods or have the goods at some point in their, you know, in their supply chains and, and with us customers, the consumers we have, we’ve seen. I think you can really look at the inflation data. You can see the goods prices, which often are kind of a drag on inflation that they did turn around. They’re, they’re putting upward pressure on inflation. It’s not massive. It doesn’t explain all of these, you know, 200 billion in tariff costs, but then it is, it’s sitting with businesses. The effects still, it’s still just not that long enough to really understand. You know what, what the implications. It’s possible. I, I think that’s true with any, with any big policy change. Like it doesn’t happen overnight. I think that’s one thing that a lot of, a lot of economic models that, like, they’re, they’re very sensitive, right? Like as soon as a policy change happens, the models will kind of tell us something pretty dramatic in terms of adjustments. But this last year was a reminder, like when there’s, when there’s a big cost, there’s gonna be a lot of attempts to adjust around it to try to minimize that cost and then. It takes time, like in the real world, like the interactions are much more complex. You know, inventory lags all of the, like, it takes time to move its way through. So I think we’re not done with the pass through. I think we’ll probably still see more come to consumers, but businesses could decide to bear that cost. They, they could, you know, with profit margins. I mean some of, some of the inflationary environment in the pandemic did allow. There were very broad base increases in prices. You did see some companies be profitable from that because it was, there was a, you know, some of the costs were more targeted, but the, you know, the, the price increases were broad. So it could be a time where businesses see that, you know, consumers are more price sensitive now than they were in 21, 20 21, 20 22, so they’re not passing as much on it. Could be that that’s part of where. Like the cost businesses are dealing with that cost by maybe doing less hiring as opposed to passing it on to consumers. Uh, you know, they could be taking a hit with their profits. They, you know, so like, it doesn’t have to go all the way through to consumers. There are different levers that can be pulled. I do think we’ll still see some pass through in the, in probably the first half of this year, and that’s assuming that our whole tariff regime. Sit still, right? It looks like once again we might be, uh, increasing those tariffs, but, um, so yeah, I think it’s just tracing, you know, the tariffs through the system is really complicated. And one last thing I’ll say about the tariffs is they’re not just tariffs on goods that go to consumers. These tariffs have been broad enough that we’re also taring imported goods that are used by our manufacturers used for our, by our businesses in their production. So then it can take a really long time for that to end up with the, you know, the end customer could be a business to start with, and then it moves its way down. So I think these are just, you know, the costs are real. We can see the tariffs have been collected, the costs are there. We can see in the import data, there haven’t been import price data, there haven’t been a lot of adjustments by the foreign suppliers. So then it’s just a question of, we have these costs. Where did the cost go? I believe the last GEP was 4.3% and, uh, inflation was around 2.6, 2.7, or at least core. You’ve obviously, uh, worked at the Fed. Um, give us a sense of the situation that the Fed is trying to figure out here. Like what do they do with these numbers and, you know, all of the issues that surround them. The work at the Fed, I mean, it, it’s laser focused on the, the response, the mandates that the Fed has. So with maximum employment and price stability and with maximum employment, that’s not something that can be easily defined. It’s not like it’s a particular unemployment rate, it’s not a particular payroll number. But I mean, broadly speaking, it’s, you know, do, are, you know, the people who wanna work, are they working? In such a way that it’s not putting pressure on inflation, right? Like labor shortages that end up with wage increases that just, you know, end up with inflation. Like that would be a situation where the Fed would actually want to kind of help restrain some of the. Uh, employment growth. And we, we saw that in this cycle. I mean, the Fed raised rates a lot in 2022 and 2023. Uh, so that’s the maximum employment on the stable prices. The Fed has set a target of the 2%, uh, year over year PCE inflation. So a little different than the CPI inflation, but very much related. And, and it’s one, I mean, that’s, that’s the goal, right? And it, uh. So it starts with those two pieces and, and what’s been, I think what’s been challenging in say the last year as the Fed was, you know, trying to figure out what it was gonna do with interest rates was the fact that it, there was pressure on both sides of the mandate. Mm-hmm. Um, and not necessarily the, well, I mean, inflation itself has, was above the 2%. It continues to be above the 2%. Target has been. Since 2021. Now the Fed’s policy doesn’t have a look back, but I mean, they do worry that the longer inflation stays closer to three than two businesses. Consumers are gonna start to kind of embed three into their actions, their expectations. Then you kind of get stuck there. So like that, that both, you know, they were missing on the inflation mandate and there were, there were concerns that the, that we might see inflation get stuck above the mandate and the way you dislodge it if it gets stuck. Could end up risking a recession, right? So the Fed doesn’t want that to happen. So that’s a real concern. But then on the employment side, you know, we started out talking about the small rule, the rising unemployment rate. We’ve seen the unemployment rate rising. And then last year in particular, it wasn’t just the unemployment rate rising, we saw job creation just really take a leg down. Um. Some of that probably is less immigration population aging, so less supply of workers, which isn’t something the Fed would react to. ’cause that, I mean, if you don’t have as many people that wanna work, you don’t need to create as many jobs. But the unemployment rate was rising, so it’s clear, like there just wasn’t, there wasn’t enough job creation to keep up with, um, the workers who were there, uh, to work. And, and there was a concern that this could, could spiral out. Those small increased unemployment rate that, that very low level of job creation. And frankly, if you look at, I mean the, I mean, we have multiple months and probably more after revisions of declines in payroll employment. Mm-hmm. Like if you looked at the labor market data, you’d be like, aren’t we in a recession or like on the edge of one? Again, that’s not where we’re at, but it, it certainly gave that, that risk. Things could be slowing down. And, and the, the last piece that was really important in the Fed’s decisions was where, where’s the federal funds rate? Where are the interest rate, the policy interest rate they control? And it was still relatively high. For, for recent history, right. Not in the long history of the Fed, but mm-hmm. And so, like the Fed had raised, they’d raised interest rates quite aggressively to fight the inflation in 2022. They’d very gradually lowered it. Some was taken out in 2023 because made some pro, made quite a bit of progress on inflation in, or in 2024, they lowered the rates in 2025, the 75 basis points of cuts that the Fed did. It was out of concern. Of the labor market unraveling a risk, not a, not saying, hey, the labor market is unraveling, but saying the risk that the downside risk to employment are larger and more worrisome than the upside risk to inflation. So this inflation getting stuck, is that still the case as a going into 2026 here? So, you know, even, even last year we saw, we listened to Fed officials, there’s quite a bit of disagreement. Because it was a tough situation to read. There are some Fed officials that were more focused on inflation, some that were more focused on the employment side. Uh, and it really was just a matter of kind of reading the economy and trying to figure out this, a very unusual situation, like where, where was this headed? What did the Fed need to do? In the end, the consensus on the Fed was to do the rate cuts, kind of front load them. They talked a lot about it as insurance. They’re taking out insurance against the labor market deteriorating. And I think with that approach, in all likelihood, and there’s been certainly signaling of this, that when they meet at the end of January, it’ll, they’re unlikely to move again. That this is, this will be an opportunity to hold steady, be patient the Fed has, has taken out their restriction. So they don’t have the higher rates, so they’ve pulled rates down. We also know that early this year there’s various kinds of fiscal support that are coming online or tax cuts to households and to businesses that should give a little extra lift, uh, to the economy. So I think it’s a period of the Fed waiting to see what the effects of their policy changes are, seeing what the effects of the fiscal policy with the expectation this will be enough to stabilize the labor market. Even help get it back on track and really what the Fed would like. I mean, we’ll see what they get, but they’d really like the next cut to be a good news cut. Like inflation. Oh look, it’s moving back down again. We’re making clear progress back to 2%. I think that’s probably gonna take maybe even till the middle of this year to build that case. A strong case for the disinflation. Mm-hmm. But that’s, that’s what they would, would like to do. But they’re gonna keep an eye on the labor market. But nothing we’ve seen in the most recent data suggests that they gotta get moving like that. There’s some, you know, real pressure building. Um, in fact, the labor market looks a little bit better probably than when they met in December and inflation. Showing some signs of progress, but it, it’s pretty bumpy in terms of, there’s a lot of noise in the data at the moment. You mentioned, um, the Fed’s mandate and you know, certainly that’s something, um, that, uh, you know, that, that we know the Fed looks at these unemployment numbers that look at inflation. I’m curious though, that there’s, you know, there is this push and pull with the treasury. In particular, you know, looking at the amount of, of, of, of bonds that need to be refinanced, that kind of thing. I mean, presumably that’s one of the reasons why the Trump administration is pushing so hard, uh, on the Fed to reduce, um, you know, to reduce rates so that you know, this sovereign debt can be refinanced at a, something a little bit more palatable. How much of that actually. I know it’s not supposed to play a part in the Federal Reserve’s actions, but in reality is there, is there that kind of, you know, thinking that, you know, they have to, they, they may try to play ball a little bit with the, with the situation, with the debt. Yeah. There, the, the Fed is not playing ball right now with the administration. Uh, but, but there have been, there have been times in our past. So during World War II, there was an explicit cooperation between the Fed and the Treasury. The Fed kept interest rates low. Both the federal funds rates, so the short term interest rates, they also did, uh, some purchases of longer term to help keep longer term rates down. Right. So I mean, the, the Fed really, they, their policy was oriented exactly on this objective, keeping the borrowing cost of the US government low because it was financing the war effort. So, so there have been times where the Fed has cooperated with treasury. Now, when they came out of World War ii. What happened is, you know, treasury wants to keep interest rates low. This is good for, you know, the economy, good for growth, but it was, it really was creating a lot of inflationary pressures and it took until the early 1950s for the Fed to kind of regain its kind of operational independence from treasury and then go back to pursuing, you know, inflation as a key goal. And then also in the late seventies and maximum employment was added as an explicit goal. So we’re in a place now where. It’s employment, it’s inflation, it, there was quite, um, I mean, president Trump and some other officials have been, you know, very open about saying rates should be low to help with the deficit, with funding the gov. So like, it’s, it’s been in the discussion in the air. But that’s not, that’s not a mandate that Congress has given the Fed. That’s not what they’re pursuing. It does, you know, but things can change at the Fed. We’re gonna see a change in leadership this year with a new Fed chair. Um, the Fed always, I mean, Congress created the Federal Reserve. It’s changed its abilities, its responsibilities over time. I don’t wanna say that we’ll never get back to a place where the Fed thinks about. Its effect on the deficit. I mean, they’re watching it, they know, right? They’re tracking all these aspects of the economy. But in terms of what’s driving the Fed’s decisions about what the, the federal funds rate should be, that’s not part of the calculus right now. Yeah. Um, you know, another, just another question is for clarity. You know, the, the, um, officially right now there’s, there’s no quantitative easing. However, there is. Uh, you know, I’ve been reading, uh, about even, I think even today, there was a, a fair amount of liquidity, uh, being injected in by the Fed. Can you, for people who don’t understand the mechanics of this and what the difference in terminology is, can you explain to us maybe what the difference is between quantitative easing and what’s being done right now? So just as for context, where quantitative easing even came from. So if we go back to the global financial crisis in 2008, the Federal Reserve, in response to that recession, pulled the federal funds rate all the way to zero. Cut rates to zero And as sure many of us remember that that recession was a very deep and long recession. So, and the unemployment rate was, you know, 10% and inflation was not a problem. So the, the Fed would want in that environment to do more to support the economy. But when the federal funds rate is at zero, that’s, its, that has been its primary tool. Well, that’s, that’s. Stepped out. So then as a question of, well, what else could we do to help support the economy? And, and there, there were. Different possibilities. Uh, some European central banks looked at, you know, they actually did negative interest rates or tried to pull their policy rates, and that’s not what the US did. What was done was to do purchases of, uh, treasuries. Uh, there’s also been purchases of mortgage backed securities, and this is where the Fed is. I mean, and, and they’re creating reserves. So the fed, I guess, secretary, uh. Treasury doesn’t refer to it as magic money. Um, you know, they create reserves and then they’re going out and they’re buying tr so they’re pushing that liquidity, that demand into markets. And if you’re, if there’s a lot more demand for treasuries, well, the price of the treasuries will go up. The yield comes down. Interest rates go down. Yep. Interest rates go down. So they. They were, the Fed wanted to support the economy more. That was the tool that they used to do it. So when, when the Fed talks about quantitative easing, it’s not just the tool, the asset purchases, it’s also the intent, right? They wouldn’t do quantitative easing right now. ’cause if the Fed thought they really need to stimulate the economy more, they’ve still got like. More than three percentage points they could cut from the federal funds rate. Like if the issue were right now, we need to like get the economy going, they’re gonna like cut the funds rate and do it that way. They wouldn’t be pur like purchasing assets, purchasing treasuries to do that. But what what happened is between the global financial crisis, the Great recession, so all the asset purchases done then. There was some, some runoff of the balance sheet, but then again, in the pandemic there were a lot of asset purchases. Uh, the Fed has a really big balance sheet, and it has, uh, it, it kind of changes the way that the Fed can even just move around the federal funds rate. Like, I don’t wanna get too much into the, the technicals, but it’s, it’s just, you know, when the Fed says, well, we wanna lower the, the funds rate to 3.5%. In the old days, they could kind of do, you know, with the bank reserves and they could like, make these small purchases and it would, it would make that stick. Now with, there’s, uh, banks have a lot of reserves, so they’re not as responsive. And so just to kind of, there’s like the, the technical, the tools, the Fed has to just make it happen. In terms of operationally, it means that they have to do some purchases now and then they call their, I mean the new name they have for these are reserve management. Purchases. So it’s really about operations. It’s not about, but it does mean they’re purchasing assets. So if you’re just focused on like the Fed’s purchasing assets, they’re putting liquidity into the system. Yes, they are doing that, but it’s not with the intent to kind of push the economy to run harder. It’s just enough liquidity to keep. The federal funds rate stable at the level that they wanted to be at, to just make sure that all these operations are short in the very short term lending markets amongst banks, that it’s all kind of working as mm-hmm. As it should be. So it’s more about operations and it’s about stimulus policy. Right. A lot of our, um, a lot of our listeners are real estate owners, investors, and they’re, you know, they think about, um. Mortgage rates and that kind of thing. There was recently a, a pretty significant, well, I don’t know how significant it really was. I think it was about, was it maybe $250 billion worth of mortgage backed securities purchased by Fannie Mae. Um, that ca can you talk about the purpose of that and really the, you know, what kind of effect that would actually, we could actually expect from that. It’s certainly been, I mean it’s, it is clear. You know, we talked about one reason that the administration would want interest rates down. It’d be like financing the deficit. Right. Another reason that very much pulls into kind of the affordability debate is we want interest rates lower, one of them lower for consumers. Now the White House has put a lot of pressure on the Fed for them to lower rates even faster than they have. Has not played ball with that. But then the Fed has lowered its rates. The Feds rates are very short term rates, and the federal funds rate is like an overnight rate with between banks. Right. So it, and it has an effect on, you know. Credit card rates, short term rates, but it’s not one, it, it has an effect, but it’s really not like driving necessarily 30 year mortgage rates or you know, some of the longer term rates. There’s a lot of other factors that go into that, and so in this kind of, you know, push for lower mortgage rates. Pushing on the Fed is not the only lever to pull, right? The administration has other levers that they could potentially pull, um, in trying to influence mortgage rates. Now, there, I’d argue the administration’s tools here, like the, the $200 billion, Fannie and Freddie purchase that you mentioned. That really is about trying to reduce the spread. Between mortgages and treasuries. So in some ways it sounds similar, like, oh, fed and Franny, which are, you know, GSEs. So part, part of the, you know, government right now, at least they were privatized during the global financial crisis. You think, oh, they’re going out and purchasing this Sounds a lot like the Fed going out and purchasing. There are there, there’s some parallels, but we need to remember, Fannie and Freddie don’t create money. The Fed, when they start, when they start the process of their quantitative easing, they’re creating reserves like they’re actually creating liquidity and money supply. Fannie and Freddie have authorization to be able to make these purchases, but they’re not like the fed. They’re not creating reserves, but they can, so I don’t wanna think about them like bringing down the whole set of interest rates, but they can affect this spread between mortgages and say treasuries. Right? And so, because again, if you’re, if the. If the GSEs are going out, they’re purchasing mortgage backed securities, well that’s increasing demand for those, and that can push down the rates, that can like squeeze that spread. And, and while the announcement has been made, you know, I mean they’re, they’re in the early stages of putting that in place, but we even on the announcements, saw a response in financial markets and you’re seeing some movement down, uh, in mortgage rates now. It was. Pretty modest, right? And, and 200 billion while, you know, not nothing, uh, really pales in comparison to like the scale of say, the quantitative easing that the Fed did. Um, and there are probably other, but the, you know, the administration’s not done. It doesn’t necessarily have to be that Fannie and Freddie do more purchases. The the spread between mortgage rates and treasuries is pretty substantial. There’s other places where, you know, the fees that go into getting a mortgage are quite a bit larger than they were before the, the global financial crisis. So maybe they go in and try to chip away at the fees and, you know, so there’s, there’s different levers. And I fully expect, and I think we’re gonna get some announcements here again soon on the White Houses. Housing affordability agenda. So there may be other, other ways that they’re trying to, uh, influence, uh, the mortgage spreads. But that’s, that’s what that is all about. And it, it should have, and it looks like, you know, it’s having some effect in terms of bringing rates down, but it likely, it’d be modest, like in the 10 basis points, maybe 20 if they ramp up the program some. But like, it, you know, it’s, it, it, you know, every, every bit counts. But this is not a. Uh, this won’t be enough to, you know, move rates down, dramatic mortgage rates down dramatically, uh, when you, when you look at the economy. Um, and I, I, I think just, you know, one last question. I mean, I just in terms of, you know, the people listening to this are. They’re, they’re people, you know, with jobs and who are trying to invest their money, and they’re trying to, you know, build long-term wealth, but they’re, you know, everybody’s worried about what’s happening with the economy. What, what, what do you think, like, just as, um, um, you know, perspective for people to understand or try to have some framework for how to look at what’s going on in the economy. How they should judge it. Like what would you suggest, like just for mom and pop investors trying to, what is happening with the economy? I’m not an economist. What, what are the, what are the things that you think they should consider studying up on, looking into a little bit? One challenge for a lot of investors, I mean, frankly, it’s, it’s been a challenge that I try to deal with too. Uh, we’re, we’re in an environment where there’s just. There’s so much news coming out of DC uh, with the White House and policies and the Fed, and you know, I mean, like, there’s just, there’s a lot. The headlines are big. And like I talked about with the tariffs, we had like really big tariff announcements. The really scary numbers were, and then it like dialed back and then we pushed through it and it’s like, and it’s this remembering that, um. There’s always a tendency to have this idea that the, the president really runs the economy. I mean, that’s not just about this administration. That’s like a longstanding, you know, the president gets, uh, blame or credit for the economy when really, right. Like we have a over 33, $30 trillion economy, hundreds of millions of workers, tens of millions of businesses. Like this is not about one administration. And so we always need to be careful about. Putting too much weight on the policies coming out of dc. Uh, and you know, last year if you really just listened to all the, you know, we’re cutting immigration, we’re raising tariffs, we’re doing, you know, all, there’s a lot of uncertainty in Doge. Well then you might have missed, like, there’s a bunch of AI investment happening and we’ve got a lot of growth in the economy and while consumers are still pretty resilient, so you, it’s kind of like. Tuning down the volume, some coming out of Washington, especially the like every twist and turn. Uh, and then kind of focusing in on the fundamentals. I will say, you know, you don’t wanna turn down DC too far because we, we do have some like big picture events that could play out over many years. Right. So kind of keeping an eye on it, but for the long game. As opposed to reacting to every twist and turn, every policy announcement, because a lot of this clearly is more of a negotiation than it is like, we’re gonna actually do this. So, you know, as investors, you don’t wanna get whipped around by the latest headline, but you also can’t put your head in the sand. Like you gotta kind of try and find a way to pull the signal out of the noise. And it is really. It’s really hard. Yeah. Like this has been a challenging time and the, the US economy’s been doing things that are not typical. We talked about some of the things with the labor market and we are running some policy experiments that haven’t been run in a long time, so things could change pretty dramatically. But I think it’s just trying to absorb the information, not get too wound up about it, but like also keep an eye on like what’s good for long-term growth. Yeah. Because it’s good for long-term productivity. Thank you so much Dr. Sahm. It’s uh, it’s been a pleasure talking to you on, uh, wealth Formula Podcast today. Great. Thank you so much. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to you. The concept. Here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealthformulabanking.com. Welcome back to the show everyone. Hope you enjoyed it. It was Claudia Sahm. She is, uh, she’s a very, very smart lady. And, uh, just a reminder, if you have not done so, uh, I, I don’t frequently ask to do, do this, but, uh, make sure you give the show. Five stars and a positive review because that’s how we’re getting, you know, really high quality people like Claudia on the show, I’ve been around for a long time. It helps that the show is, you know, like over a decade old and all that stuff too. But, uh, anything you can do to support would be very helpful. And also one more reminder, uh, if you have not done so and you weren’t a credit investor, make sure you sign up for that investor club. At Wealth formula.com. That’s it for me. This week on Wealth Formula Podcast. This is about Joffrey signing out. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheelwright and Ken m. Visit wealthformularoadmap.com.

This week on LPL Market Signals, Jeffrey Buchbinder, Chief Equity Strategist and Lawrence Gillum, Chief Fixed Income Strategist, recap last week's gain for stocks amid precious metals mania, discuss what Fed Chair nominee Kevin Warsh could mean for markets, and explain the difficult balance the Treasury must strike to limit debt service costs for the Treasury. Tracking: #1058720

On today's episode of The Necessary Conversation, we unpack one of the most explosive news cycles yet—newly released Epstein materials that repeatedly reference Donald Trump, journalists being arrested while covering protests, the FBI seizing 2020 election ballots, and Trump suing the United States government for billions of dollars. And Bob shows off his new MAGA cowboy hat given to him by Hasan Piker.This episode gets heavy, fast.

When Andy Burnham put forward his bid to stand in the Gorton & Denton by-election, the bond markets wobbled. What does this say about the state of Labour and their reputation with the markets? Michael Simmons speaks to former Treasury and Downing Street advisor James Nation about Labour leaders and fiscal policy, why Rishi Sunak was right on inflation and what he has learnt in the private sector since leaving the Treasury. Hosted on Acast. See acast.com/privacy for more information.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture CA is a disaster, Newsom ran it into the ground follow the great reset and the green new scam. Now people and business are escaping. Walmart is leaving. Energy is the key to a strong manufacturing economy. Poland ramps up on gold. Gold has now overtaken the treasuries, everything is changing. The [DS] is panicking, they don’t have the people behind them like in 2020. Now they are left with their paid agitators. Obama, Clinton and Hollywood are preparing for chaos for the midterms. They have already put out the call. At the same time Trump is exposing Russia hoax, the rigging of the election and the J6 insurrection that the [DS] had against Trump. The D’s are in trouble Trump is putting pressure on the RINOs in the Senate to push the Save Act. Once this is done, it is game over. The D’s will push everything. Message was sent that the plan is in motion. Economy  (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/EnergyAbsurdity/status/2016553623270883769?s=20   non-viable alternatives to fossil fuels over the last 30 years: #Wind, #Solar, and #EVs. Despite all those TRILLIONS wasted, fossil fuels now account for an even HIGHER PERCENTAGE – 83% – of primary energy than they did 30 years ago. We must stop throwing away our children’s and grandchildren’s futures on false alternatives that simply do not and cannot work. https://twitter.com/visegrad24/status/2016793453007339819?s=20    be paying the LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD. Most of these countries are low interest rate paying cash machines, thought of as elegant, solid, and prime, only because the U.S.A. allows them to be. The Tariffs being charged to them, while bringing in $BILLIONS to us, still allows most of them to have a significant trade surplus, though much smaller, with our beautiful, formerly abused Country. In other words, I have been very nice, kind, and gentle to countries all over the World. With a mere flip of the pen, $BILLIONS more would come into the U.S.A., and these countries would have to go back to making money the old fashioned way, not on the back of America. I hope they all appreciate, although many don't, what our great Country has done for them. The Fed should substantially lower interest rates, NOW! Tariffs have made America strong and powerful again, far stronger and more powerful than any other Nation. Commensurate with this strength, both financial and otherwise, WE SHOULD BE PAYING LOWER INTEREST RATES THAN ANY OTHER COUNTRY IN THE WORLD! Thank you for your attention to this matter. President DONALD J. TRUMP https://twitter.com/JoeLang51440671/status/2016559031574311138?s=20 https://twitter.com/KobeissiLetter/status/2016890828925313192?s=20  TRIPLED since Q4 2019, driven by aggressive purchases by central banks and rising prices. Over this period, central banks have added ~4,500 tonnes of gold, including unreported purchases. At the same time, foreign Treasury holdings have remained unchanged. Gold is redefining the global monetary system. Central banks maintain FX reserves—typically a mix of currencies, bonds, and assets like gold—to stabilize their currencies, manage liquidity, and hedge against economic shocks. U.S. Treasuries have long been the go-to asset because they’re considered ultra-safe, highly liquid, and backed by the world’s dominant reserve currency (the U.S. dollar, which still accounts for about 57% of global reserves). Gold, on the other hand, is a “neutral” asset: it’s not tied to any single government’s policies, can’t be printed at will, and serves as a hedge against inflation, currency debasement, and geopolitical risks.This crossover isn’t just a blip—it’s a structural change driven by several factors: Key Driver Explanation Impact Geopolitical Tensions and Sanctions Events like the Russia-Ukraine war (leading to frozen Russian assets) and U.S. actions (e.g., tariffs, interventions in Venezuela) have eroded trust in dollar-denominated assets. Countries fear their reserves could be seized or devalued overnight. theguardian.com Accelerates “de-dollarization” efforts, especially among BRICS nations (e.g., China, Russia, India), which now buy gold at 3–5 times pre-2022 levels, averaging 60 tons per month. finance.yahoo.com Gold’s share in reserves has doubled to over 25% in the past decade. newsmax.com Rising Gold Prices and Diversification Gold’s price surge (up 70% in 2025 alone) mechanically boosts its reserve value, but central banks are actively adding to holdings rather than selling Treasuries outright. mining.com This reflects a pivot away from U.S. debt amid concerns over America’s $35+ trillion national debt, persistent inflation, and fiscal policies under the Trump administration. fundssociety.com Gold is now the second-largest reserve asset after the dollar (overtaking the euro in 2024), signaling a re-regionalization of global finance where gold absorbs outflows from U.S. bonds. lfde.com The gold and U.S. debt markets are similarly sized (~$25–30 trillion each), making this shift feasible without massive disruptions. Central Bank Strategy Emerging market central banks (e.g., People’s Bank of China, Central Bank of Russia) are prioritizing gold for stability in a multipolar world, while developed banks hold steady. americanhartfordgold.com Net purchases hit 1,000+ tonnes in 2025, with forecasts for similar levels in 2026. gold.org Could push gold prices higher—analysts at Goldman Sachs see $5,400/oz by end-2026, while extreme scenarios (full USD reserve loss) speculate $39,000–$184,000/oz if gold backs global money supply. vaneck.com This isn’t about ditching the dollar entirely but reducing over-reliance.   If trends continue, it could lead to sustained gold demand, higher prices, and a more fragmented international financial landscape. Political/Rights  DOGE Geopolitical https://twitter.com/MarioNawfal/status/2016915491194057147?s=20  https://twitter.com/MarioBojic/status/2016846881079300384?s=20 https://twitter.com/EricLDaugh/status/2016915405327962562?s=20   of China, Russia and Iran.    EU adds Iran’s Revolutionary Guards to terrorist list The European Union has added Iran’s Islamic Revolutionary Guard Corps (IRGC) to its terrorist list in response to Tehran’s deadly crackdown on protesters in recent weeks. The bloc’s top diplomat Kaja Kallas said EU foreign ministers took the “decisive step” because “repression cannot go unanswered”. She said ahead of the decision that the move would put the IRGC – a major military, economic and political force in Iran – on the same level as jihadist groups like al-Qaeda and the Islamic State group. Source: bbc.com   War/Peace https://twitter.com/ianellisjones/status/2015933550822883607?s=20 https://twitter.com/disclosetv/status/2016654714071285944?s=20 Anti-air warfare (AAW): Defending against aircraft, missiles, and drones using its Aegis Combat System, which integrates radar, sensors, and weapons for tracking and engaging threats. Anti-submarine warfare (ASW): Detecting and neutralizing submarines with sonar systems, torpedoes, and embarked MH-60R Seahawk helicopters. Anti-surface warfare (ASuW): Engaging enemy ships or land targets with guns, missiles, and other weapons. Strike warfare: Launching long-range Tomahawk cruise missiles for precision strikes on ground targets. Ballistic missile defense (BMD): Intercepting ballistic missiles in flight, depending on configuration. Additional support roles: Maritime security, search and rescue, and intelligence gathering. https://twitter.com/MarioNawfal/status/2016914233233981950?s=20  right after reports of massive Israeli/US strikes on Iranian nuclear facilities, this is Moscow quietly confirming the hits while trying to de-escalate. Bushehr is Iran's only operating nuclear power reactor (Russian-built, ironically). If it got damaged or threatened, we’d be looking at Chernobyl-level fallout risks. Putin playing both sides: backing Tehran rhetorically but signaling “don’t go too far” to Washington/Jerusalem.   https://twitter.com/ElectionWiz/status/2016697707256025533?s=20 https://twitter.com/MarioNawfal/status/2016934089165853048?s=20      Medical/False Flags [DS] Agenda IT BEGINS: Zohran Mamdani Announces Plans to ‘Tax the Wealthy' to Compensate for NYC Budget Deficit (VIDEO) Well that was fast. Zohran Mamdani has been mayor of New York City for less than a month and he is already talking about raising taxes on the ‘wealthy' to make up the city's budget deficit, which he claims is on par with the Great Recession. Get ready to see a lot of Uhauls leaving the city. CNBC reports: New York Mayor Mamdani says city must hike taxes on wealthy to fill $12 billion deficit New York City Mayor Zohran Mamdani on Wednesday said the city's wealthiest must pay more in taxes to help fill the staggering budget deficit of more than $12 billion that he was left by his predecessor. “This is at a scale that's actually greater than what we saw here in New York City during the Great Recession,” Mamdani said of that budget hole during an interview with CNBC “Squawk Box” co-anchor Andrew Ross Sorkin at City Hall.   Source: thegatewaypundit.com https://twitter.com/ElectionWiz/status/2016689992932749554?s=20 https://twitter.com/Breaking911/status/2016622314306109944?s=20 https://twitter.com/amuse/status/2016825781926662360?s=20   https://twitter.com/Breaking911/status/2016863073173114959?s=20   https://twitter.com/Breaking911/status/2016855148723593379?s=20 https://twitter.com/christopherrufo/status/2016702846822207663?s=20 https://twitter.com/EricTeetsel/status/2016681981887623280?s=20 https://twitter.com/MattWalshBlog/status/2016688511017947273?s=20 benevolent and humble servant of the oppressed. Then when it turns out — as it literally always does — that he was actually a violent unhinged degenerate weirdo, they will immediately pivot and insist that his character and personal life don’t matter actually. We were told Alex Pretti had no criminal record but we now have video of him spitting on and attacking ICE agents Was he charged for this? https://twitter.com/StevenCheung47/status/2016702063334334904?s=20   https://twitter.com/StevenCheung47/status/2016714718430310577?s=20 https://twitter.com/StevenCheung47/status/2016712434606559516?s=20 https://twitter.com/StevenCheung47/status/2016708027559141441?s=20 https://twitter.com/StevenCheung47/status/2016704306401976345?s=20 https://twitter.com/FrontlinesTPUSA/status/2016734414537990436?s=20 https://twitter.com/Mollyploofkins/status/2016377949121884259?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016377949121884259%7Ctwgr%5Eb6afd1fffe8094942ed0a2c48dbd21175293b47b%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fwatch-has-been-actress-molly-ringwald-claims-trump%2F   https://twitter.com/CollinRugg/status/2016691592619516200?s=20   “But the rest of us would survive… This is the time for a revolution.” Brandon Johnson Says He's Coordinating With Other Democrat Mayors To Thwart ICE Democratic Chicago Mayor Brandon Johnson admitted Wednesday he was “in regular communication” with other mayors leading so-called “sanctuary cities” in efforts to impede enforcement of federal immigration laws. “To respond to the operation in Chicago, I leaned heavily on other cities' responses, like Los Angeles Mayor Karen Bass shared her experience governing while the city was in Trump's crosshairs,” Johnson said. “We've been in regular communication both at the executive level and the staff level with cities like Minneapolis and Portland, Oakland, Boston, and Denver and Baltimore to learn from each other's experiences and develop strategies to protect our constituents.” Source: dailycaller.com   https://twitter.com/WarClandestine/status/2016645995606552671?s=20 https://twitter.com/bitchuneedsoap/status/2016520711951564977?s=20   https://twitter.com/StephenM/status/2016662505930584574?s=20   President Trump's Plan BREAKING: ICE and CBP to DRAW-DOWN Number of Forces in Minnesota After Tom Homan Strikes Deal with State Officials – Here Are the Details (VIDEO) https://twitter.com/EricLDaugh/status/2016865706126545214?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016865706126545214%7Ctwgr%5Ef45391945d583495415892fba4a2de7da17713e7%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fbreaking-ice-cbp-draw-down-number-forces-minnesota%2F   just 3 days! Tom Homan means business. https://twitter.com/EricLDaugh/status/2016867645958529115?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016867645958529115%7Ctwgr%5Ef45391945d583495415892fba4a2de7da17713e7%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fbreaking-ice-cbp-draw-down-number-forces-minnesota%2F   Source: thegatewaypundit.com https://twitter.com/ElectionWiz/status/2016868888491761913?s=20  https://twitter.com/KurtSchlichter/status/2016584955472838709 https://twitter.com/WarClandestine/status/2016737774288654360?s=20 https://twitter.com/MarioNawfal/status/2016938140326645996?s=20   https://twitter.com/Rasmussen_Poll/status/2016868004798124447?s=20   https://twitter.com/FlipCrypt/status/2016359757557141542?s=20  court” “How do you set the stage” The raid showed pictures of files, one was in a bathroom, and another a stage. Funny because Hilary deleted 600k emails, from a server, kept in her bathroom. What would it look like if we “had it all” How do you set the stage? How do you inject evidence into a Grand Jury conspiracy case for Russiagate? I think a lot of the comms right now, and the actions around the country show preparation for this Grand Jury to conclude. It could take weeks, or even months. But my bet is those boxes set on the stage are Russiagate and beyond. The boxes in the bathroom are Hiliary’s emails, and currently, a grand jury is having a look at it all. https://twitter.com/FultonCo_GA_GOP/status/2016671877297488352?s=20 County Board of Elections literally denied these requests. The Georgia State Election Board has been trying for 4 years to get the records.  Including issuing a subpoena for the ballots and other records.  And ALL of those efforts have failed.  Until today. I applaud Attorney General Pam Bondi and FBI Director Kash Patel for finally searching for and retrieving the records from the 2020 election that the U.S. Attorney General under federal law is entitled to receive and review.  It is my hope that the FBI is in the process of getting every box of 2020 election materials in that warehouse to be able to piece together, once and for all, the truth about 2020. I am dedicated to making sure to the best of my ability that elections in Fulton County are accurate.  Let's hope this starts a new chapter in Fulton County for transparency and accountability.” Julie Adams Fulton County Board of Registration and Elections Republican Party Appointee  Why did trump start in a red state.    https://twitter.com/keithedwards/status/2016671823870513436?s=20 Materials Sought in Fulton County FBI Warrant Revealed – A Difficult Road Lies Ahead for Fulton County Officials FBI Agents seized over 700 boxes worth of documents and brought them north to Virginia in two tractor trailers  https://twitter.com/realLizUSA/status/2016701882576560547?s=20   utilized during the 2020 General Election in Fulton County All ballot images produced during the original ballot count beginning on November 3, 2020, THE RECOUNT, and any other ballot images All voter rolls from the 2020 General Election in Fulton County from absentee, early voting, in person, and any other voter roll that indicates voters: to whom an absentee ballot was issued, from whom an absentee ballot was received, or who participated in advanced voting or election day voting Source: thegatewaypundit.com https://twitter.com/KanekoaTheGreat/status/2016665638778143047?s=20   years ago. Fulton County refused. Excerpts from witness affidavits include: Susan Voyles, 20-year election official: “Pristine” ballots “difference in the texture of the paper” with “a different feel” and “no markings” and approximately “98% for Joe Biden.” Georgia Democrat observer: “Hundreds of ballots with no folds or creases. Perfect black bubbles. All for Biden.” Another Georgia Democrat: “All had perfect black bubbles and were all Biden. I heard ‘Biden' over 500 times in a row.” @VoterGa has been fighting in court for six years just to inspect these ballots. Why was Fulton County so determined to keep them hidden?? https://twitter.com/realLizUSA/status/2016706788351971434?s=20     https://twitter.com/drawandstrike/status/2016705043144003652?s=20   AND INCLUDING THE JACK SMITH SPECIAL COUNSEL’S OFFICE. And the first thing that happens when you end up in election related litigation is you are given a PRESERVATION ORDER FROM THE COURT. So NO, Fulton County officials did not destroy these ballots, or tapes or any other federal election records THAT THEY ALREADY ADMITTED TO HAVING IN OFFCIAL COURT RULINGS BEGINNING 5 YEARS AGO.  https://twitter.com/DC_Draino/status/2016902941836198297?s=20 https://twitter.com/PatriotXV11/status/2016713624061116652?s=20 https://twitter.com/DAGToddBlanche/status/2016663357089001566?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016663357089001566%7Ctwgr%5E18c7aab2309ab32958cb900c1fa5f6df8f16003a%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fbreaking-president-trump-announces-first-ever-assistant-attorney%2F     https://twitter.com/EricLDaugh/status/2016594714569441286?s=20 https://twitter.com/profstonge/status/2016901410441289982?s=20 https://twitter.com/DoWCTO/status/2016577329393242364?s=20 3800 Q !!Hs1Jq13jV6 ID: e6ce6c No.7943347 Jan 28 2020 14:46:22 (EST) DurhamBoat.jpg https://en.wikipedia.org/wiki/Durham_boat Anons found the subtle hint dropped in the beginning. Think Durham start. Think ‘Q’ start. You have more than you know. Q 1 Anonymous ID: BQ7V3bcW No.147012719 Oct 28 2017 15:44:28 (EST) Anonymous ID: gb953qGI No.147005381 Oct 28 2017 14:33:50 (EST) >>146981635 Hillary Clinton will be arrested between 7:45 AM – 8:30 AM EST on Monday – the morning on Oct 30, 2017. >>147005381 HRC extradition already in motion effective yesterday with several countries in case of cross border run. Passport approved to be flagged effective 10/30 @ 12:01am. Expect massive riots organized in defiance and others fleeing the US to occur. US M's will conduct the operation while NG activated. Proof check: Locate a NG member and ask if activated for duty 10/30 across most major cities. (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

The news to know for Friday, January 30, 2026! We're talking about a new direction for immigration enforcement in Minneapolis and how activists are still planning a nationwide show of resistance today. Also — why President Trump is suing his own Treasury. And where blizzard conditions are expected in the U.S. Plus — a new study identified the main factor in longevity — and it's not just a healthy lifestyle, this week's Grammy Awards could make history, and a unique group has found a way to make exercise more meaningful. Those stories and even more news to know in about 10 minutes!    Join us every Mon-Fri for more daily news roundups!  See sources: https://www.theNewsWorthy.com/shownotes Become an INSIDER to get AD-FREE episodes here: https://www.theNewsWorthy.com/insider Get The NewsWorthy MERCH here: https://thenewsworthy.dashery.com/ Sponsors: Receive 50% off your first order of Hiya's bestselling children's vitamin. To claim this deal, go to hiyahealth.com/NEWSWORTHY. To advertise on our podcast, please reach out to ad-sales@libsyn.com

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In this episode of the RiskReversal Podcast, Dan Nathan and Guy Adami host Jurrien Timmer, Director of Global Macro Research at Fidelity Investments. The discussion reflects on the October 2023 market scenario when the 10-year yield reached 5% and the S&P 500 declined by 10%. Jurrien discusses the current bond market's stability, the geopolitical factors influencing gold prices, and the stock market's concentration risks with a focus on the Magnificent Seven (Mag 7) tech stocks. The conversation also covers interest rate risks, economic policies, and the potential implications of Japan's bond market volatility on global markets. Ian provides insights into valuation models, diversification strategies, and the AI boom's speculative nature, highlighting the need for careful portfolio management in a high-valuation environment. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

The Parole Board has declined parole for convicted murderer Clayton Weatherston. The 50-year-old will remain behind bars until at least November 2027. Weatherston was an academic at Otago University and had been in a relationship with honours student Sophie Elliott. In 2008 Elliot was packing up her life to move to Wellington to take up a job at Treasury when Weatherston arrived at her home and stabbed her more than 200 times in a brutal attack. Weatherston appeared before the Parole Board this morning for the first time after serving an 18-year non-parole period. Reporter Timothy Brown attended the hearing and spoke to Lisa Owen.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture The American people are growing their wealth again. Trump admin are reversing everything the [CB] has done. Trump is 5 steps ahead of the [CB]/[DS] players, he is allowing the younger generation to start at an early age building their wealth. The Federal Reserve Note is weakening, we are in the process of taking back economic control. The [DS]/D’s are now trapped, they thought they would stall and get the people on their side, but it is backfiring. Ilhan Omar money laundering system is being exposed, did she stage an event to distract? The D’s are now saying the quiet part out loud. Illegals, antifa and criminals will be creating chaos during the midterms. Trump and team have begun the process of exposing the election fraud in 2020, the FBI raided the GA elections. It’s about to fall apart for the D’s.   Economy (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/profstonge/status/2016488930518921261?s=20 (VIDEO) Trump Announces John Deere is Building $70 MILLION Factory in North Carolina – “This is Going to be the Only Excavator Entirely Made in the United States of America” President Trump announced on Tuesday that agriculture and construction machinery manufacturer John Deere is building a $70 million factory in North Carolina, moving its construction of excavators from Japan to the United States. John Deere is also building a distribution center in Hebron, Indiana, according to a press release from the company. “In keeping with our strong tradition of building America, we are excited to announce plans to open two new U.S.-based facilities: a state-of-the-art distribution center near Hebron, Indiana, and a cutting-edge excavator factory in Kernersville, North Carolina, both set to open in the next year,” the company said. Each project is expected to employ 150 Americans. Source: thegatewaypundit.com https://twitter.com/RapidResponse47/status/2016546217237369225?s=20 Bank of America to match $1,000 government deposits for Trump accounts The 100% match is available to all eligible Bank of America employees in the United States  Bank of America announced Wednesday that it will be contributing funds to the proposed “Trump accounts” for eligible employees. The bank said it will match the government's $1,000 contribution to the newly established accounts for children born between Jan. 1, 2025, and Dec. 31, 2028 for all 165,000 U.S. employees. Additionally, the bank will enable its employees with children under age 18 to make pretax contributions to Trump accounts through payroll deductions. According to the Treasury Department's Office of Tax Analysis, a fully funded Trump account could be worth as much as $1.9 million by age 28, with lower-end returns approaching $600,000 over the same period. Treasury estimates the savings account would rise to between $3,000 and $13,800 over 18 years without contributions beyond the federal government's initial $1,000 deposit. Source: foxnews.com https://twitter.com/SteaknShake/status/2016521248088477733?s=20 https://twitter.com/GordonGekko/status/2016457976761266259?s=20  TRILLION debt inflated away  China/EU competitive advantage destroyed Strong dollar = America buys cheap foreign goods Weak dollar = World buys American goods Trump isn’t losing. He’s winning a game you aren’t even aware is being played. https://twitter.com/KobeissiLetter/status/2016368889588810171?s=20   https://twitter.com/NewsTreason/status/2016437444669772102?s=20 https://twitter.com/TheGreatLander/status/2016596027751715064?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016596027751715064%7Ctwgr%5E39d637d875750db480861c1ca4ea03cd3df6bd53%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fwardclark%2F2026%2F01%2F28%2Ffed-holds-rates-steady-in-january-2026-key-decision-details-n2198607 https://twitter.com/EricLDaugh/status/2016287802632106145?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016287802632106145%7Ctwgr%5E2ab81191000b8625268417e79ce0ffc79deee62c%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fturnto10.com%2Fnews%2Fnation-world%2Ftrump-promises-rate-cuts-with-new-fed-chair-pick-as-powell-defends-cautious-approach-federal-reserve-chair-jerome-powell-interest-economy-job-market-mortgages-borrowing-costs President Donald Trump, as the sitting president in January 2026, can nominate a successor to Jerome Powell as Chair of the Federal Reserve in advance of the term’s expiration. However, the actual replacement can only occur once Powell’s current term as Chair ends on May 15, 2026.  Political/Rights Geopolitical Spain's Socialist Government Moves to Legalize Up to 500,000 Illegal Migrants in Sweeping Decree Spain's entrenched leftist political class is once again moving to normalize illegality, this time through an extraordinary mass regularization that could grant legal status to more than 500,000 illegal immigrants. The deal, announced Monday by far-left Podemos and the Socialist government of Prime Minister Pedro Sánchez, represents one of the most sweeping amnesties in modern Spanish history, La Gaceta reports. According to party sources and reports from Cadena SER, the measure will be approved by royal decree at Tuesday's Council of Ministers. It bypasses ordinary parliamentary scrutiny and fast-tracks a policy that will undoubtedly have catastrophic, long-term demographic, economic, and security consequences. Under the plan, illegal immigrants who can demonstrate as little as five months of residence in Spain will be eligible for legal status. The regularization applies regardless of how they entered the country or whether they previously violated immigration or labor laws. The cutoff date for eligibility is December 31, 2025, meaning anyone already residing illegally in Spain before that date may qualify. Government estimates suggest more than half a million people could benefit, making this not an isolated humanitarian measure but a structural transformation of Spain's migration policy. Source: thegatewaypundit.com President of European Parliament Bans EU Nations from Purchasing Russian Gas Without Paying Commission to Third Party   the European Union is now banning the EU countries from purchasing discounted Russian oil and gas directly. Instead, the EU will force their assembly to purchase Russian oil and gas from India at a premium.  The EU is still buying Russian oil and gas; however, paying more, they believe, will work out better for them in the long-term.    European Parliament President Roberta Metsola made the announcement via X: [SOURCE] The actual target of this oil and gas ban is the nation of Hungary, who as a landlocked nation is dependent on the gas from Russia.  The EU ban expressly hurts the position of Hungary because Hungarian Prime Minister Viktor Orban has refused to kneel to the dictates of Brussels. Prime Minister Orban has vowed to sue the European Parliament over the ban. The lawsuit will likely be supported by other EU countries who understand the stupidity of paying India for what amounts to a brokerage fee to deliver the same oil and gas. Source: theconservativetreehouse.com https://twitter.com/SnowflakeSlayr1/status/2016495583419130320?s=20 https://twitter.com/HansMahncke/status/2016259110048829789?s=20   mentioned. Even more striking, the United States is constantly accused of insufficient zeal for Ukraine, yet it is the only country actually willing to confront China and India over their support for Russia. The whole thing is completely insane. https://twitter.com/Rob_Roos/status/2016423309622059098?s=20   short-sighted leaders this continent has ever seen. https://twitter.com/MarioNawfal/status/2016345497787892018?s=20  supplies drying up, and Mexico’s support now under threat. https://twitter.com/GuntherEagleman/status/2016563107397591404?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016563107397591404%7Ctwgr%5Efb0a706a2ffe3303cdd5433ec1a2ccc7032b01f9%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fnick-arama%2F2026%2F01%2F28%2Frubio-lights-dems-up-during-hearing-on-venezuela-protester-also-goes-down-to-a-brutal-defeat-n2198605 Rubio pointed out how the Helms-Burton Act has codified that we’re trying to promote a different form of government in Cuba. That’s the purpose of the boycott we’ve had for decades. So Rubio can’t commit to not doing what we’ve been doing for years, and that’s required by the Act. Then there was this truly funny moment when a protester stood up with a sign and didn’t even last fifteen seconds. Committee Chair Jim Risch (ID) delivered a great response. You can see Rubio grinning. War/Peace   Iran once before, MAKE A DEAL! They didn't, and there was “Operation Midnight Hammer,” a major destruction of Iran. The next attack will be far worse! Don't make that happen again. Thank you for your attention to this matter! President DONALD J. TRUMP Ali Khamenei out as Supreme Leader? Medical/False Flags [DS] Agenda https://twitter.com/RickyLaFleurRX7/status/2016218369507152259?s=20 https://twitter.com/BuckSexton/status/2016379291060052426?s=20 https://twitter.com/julie_kelly2/status/2016616967067537667?s=20   https://twitter.com/seanmdav/status/2016369871483781293?s=20   Who Attacked Ilhan Omar? What We Know So Far We reported Tuesday evening about the bizarre attack on the far-left Democrat Rep. Ilhan Omar (MN-5) in Minneapolis. As RedState's Susie Moore wrote, Omar was “speaking at a town hall event there when a man approached her and appeared to spray an unknown substance at her while pointing and yelling at her.” The man was quickly taken down by what appeared to be a security guard, and an apparently unharmed Omar initially moved toward the assailant and yelled angrily at him. https://twitter.com/EndWokeness/status/2016375584331354404?s=20 Kazmierczak, a 55-year-old Minneapolis resident, was arrested on January 27, 2026, for third-degree assault after spraying Omar with an unknown substance (reported to smell like vinegar) during a town hall event she hosted in Minneapolis. He shouted demands for her to resign, claiming she was “tearing Minnesota apart,” amid tensions over federal immigration enforcement in the area.  . Public records indicate Kazmierczak has been unemployed since at least 2017 (when he was receiving disability payments), has filed for bankruptcy, and has a history of two DUI convictions but no prior violent crimes. He has been married and divorced twice, but there are no verified links between his ex-wives and Omar. Some social media speculation has suggested connections—such as claims that he worked for Omar’s husband’s business partners or that an ex-wife supported Omar—but these appear unsubstantiated, with no supporting evidence in news reports or public records.  Source: redstate.com https://twitter.com/mymomcare/status/2016495436018733441?s=20   President Trump Weighs In With a Highly Provocative Take Regarding the Spray Attack on Ilhan Omar Shortly following the attack, Trump was asked by ABC's Rachel Scott regarding whether he had seen the video. https://twitter.com/rachelvscott/status/2016365247817257360?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016365247817257360%7Ctwgr%5E18f7c1027a366f0d59a4aaa3f423ebe67276fc1e%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fpresident-trump-weighs-highly-provocative-take-regarding-spray%2F Source: thegatewaypundit.com How do we know it was staged 1. sprayed unknown liquid, keyword unknown 2. was it poison, was it a virus, etc. 3. why wasn’t everyone evacuated or contained in this location 4. why wasn’t poison control called, no hazmat suit people coming 5. why did she decided to continue with the townhall if she doesn’t know what the liquid was, she doesn’t want to be checked out.  Forensic investigators determined the substance was apple cider vinegar  https://twitter.com/WallStreetApes/status/2016410811024216116?s=20  https://twitter.com/EricLDaugh/status/2016482991220851124?s=20 Soros-backed Philadelphia DA vows to ‘hunt’ down ICE agents: ‘We will find you’ https://twitter.com/PressSec/status/2016501035414466807?s=20   President Trump's Plan https://twitter.com/AGPamBondi/status/2016585424840339831?s=20 https://twitter.com/MayorFrey/status/2016241048209518736?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016299403230036327%7Ctwgr%5Ee97929c3cc41b95d49cf21728478f8315dc83629%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fx22report.com%2Fwp-admin%2Fpost.php%3Fpost%3D28444action%3Dedit  They were stalling/lying. Surrender is not a feasible option for them. Their only hope is chaos. https://twitter.com/WarClandestine/status/2016269118693847148?s=20   the Dems just made it worse on themselves. Now they have to deal with Homan, and the more the Dems resist, the closer they get to Trump sending active duty military who are on standby. Trump would later go on to say that he is not retreating, he says it's “the opposite”. The show goes on. https://twitter.com/drawandstrike/status/2016288343789539487?s=20  you don’t see is that we have hundreds of accountants and from all of the different people. We have hundreds of accountants going over everything that’s happening.” “And we’re finding fraud on top of fraud on top of fraud. And I think that they don’t want that to happen. You’re talking about $19 billion. Probably that’s a minimal number.” “If they think it’s $19 billion, triple it or quadruple it. And if we catch a lot of this fraud, and I felt it for a long time, but now we know what’s happening.” “And the answer is, yeah, there will be accountability!” https://twitter.com/seanmdav/status/2016378613042446355?s=20 2416 Q !!mG7VJxZNCI No.405 Nov 4 2018 17:33:58 (EST) [PANIC IN DC] If you witness members of ANTIFA or any other people or organizations stationed at ‘key’ voter locations making threats or attempting to use scare tactics [voter intimidation] please contact local authorities immediately and report the incident(s). Internal comms suggest preparations are being made and organized to conduct a 29+ location push [battleground locations]. See Something Say Something Uniformed and Non-Uniformed personnel will be stationed across the country in an effort to safeguard the public. If you witness anything out of the ordinary with regards to staff, officials, machinery & equipment failures and/or malfunctions, unusual ‘grouping’ [buses dropping off people w/ guide and/or instructor], voter prevention [blocking], or other suspicious activity please contact local authorities immediately and report the incident(s). See Something Say Something [take a picture and/or video only when safe to do so] Q https://twitter.com/mrddmia/status/2016501286292865280?s=20 Virginia Judge SHUTS DOWN Democrats' Power-Grab Redistricting Scheme — Rules Map CANNOT Go to Referendum Until After 2027 Election   In a stunning victory for election integrity and a humiliating defeat for the Virginia Democrat establishment, a circuit court judge has officially deadlocked the Left's desperate attempt to rig the state's congressional maps. On Tuesday, Tazewell County Circuit Court Judge Jack Hurley Jr. issued a blistering ruling that effectively dismantles the Democrats' partisan redistricting scheme, declaring their process unconstitutional and blocking any referendum on the matter until after the 2027 House of Delegates election. Source: thegatewaypundit.com https://twitter.com/disclosetv/status/2016273639398588734?s=20 https://twitter.com/MacFarlaneNews/status/2016569917668053396?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016569917668053396%7Ctwgr%5Eb5cf3202d5098a19625a7ace645f34ff34541c9d%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Ffbi-is-executing-search-warrant-fulton-county-reportedly%2F   https://twitter.com/realLizUSA/status/2016526106950517128?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2016526106950517128%7Ctwgr%5E40a229b9865812f6b3f2a7723f6eb6ffe7ce3e40%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Ffbi-is-executing-search-warrant-fulton-county-reportedly%2F   They knew it, and they covered it up.    https://twitter.com/Scavino47/status/2016341798730313735?s=20 https://twitter.com/RealAbs1776/status/2016363642090815500?s=20   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Tether has officially launched its US-compliant stablecoin, USAT, a Genius Act–aligned, Treasury-backed token designed to operate squarely inside the American regulatory perimeter, giving the company a powerful hedge as global rules harden and tokenization accelerates. But the bigger story may be what comes next: Tether's rapid accumulation of gold, now rivaling central banks and openly framed by CEO Paolo Ardoino as preparation for a fractured monetary order where gold-backed alternatives to the dollar emerge. The episode explores why USAT is less about replacing USDT than expanding optionality, how Tether is positioning itself as a quasi-sovereign financial actor straddling competing systems, and why dire warnings about stablecoin yield draining bank deposits look far less destabilizing when set against the scale of the global financial system. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Trump accounts are part of a pilot program that deposits $1,000 from the U.S. Treasury into tax-advantaged accounts for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.

Today's blockchain and crypto news Bitcoin is up slightly at $89,893  Ethereum is down slightly at $3,026 Binance Coin is down slightly at $904 Tether CEO says Tether could become one of the world's largest gold central banks in a post-USD world. Chinese National faces jail time over crypto scam Ripple launches Ripple Treasury Bleap raises $6M Nifty Gateway shares more details on shutdown Learn more about your ad choices. Visit megaphone.fm/adchoices

Operating conditions in the freight and logistics industry are evolving rapidly, driven by shifting market dynamics and ongoing disruptions. With the freight market's volatility, capacity constraints, and changing cost structures, leaders must adapt quickly to make informed decisions and maintain a competitive edge in an increasingly uncertain environment.In this episode of Supply Chain Now, Scott Luton is joined by special guest host Jake Barr. Together, they talk to Bobby Holland, Vice President/Director of Freight Business Analytics at U.S. Bank, and Dr. Chris Caplice, Chief Scientist at DAT Freight & Analytics, to dive deep into the inaugural Q1 2026 U.S. Bank Freight Payment Index (Rates Edition), a comprehensive resource that provides crucial insights into freight rates, spot and contract rates, fuel prices, and more. The panel explores how supply chain leaders can leverage this data to optimize freight strategies, anticipate market shifts, and make data-driven decisions with confidence.The discussion also highlights the importance of scenario analysis and flexibility in managing supply chain risks, emphasizing how agility can turn disruption into opportunity. The conversation wraps up with practical takeaways on building more resilient supply chains, improving forecasting accuracy, and preparing for the next phase of freight market evolution.Jump into the conversation:(00:00) Intro(01:24) Introducing the Q1 2026 U.S. Bank Freight Payment Index Rates Edition(02:52) Meet the experts Bobby and Chris(03:26) Fun warmup: Football playoff talk(06:05) Exploring DAT Freight and Analytics(07:32) Understanding the US Freight Payment Index(13:11) Spot vs. contract rates: Key insights(16:11) National and regional freight market trends(22:26) Agricultural impact on spot rates(22:59) Regional driver challenges and shortages(23:46) Treasury data and regional observations(24:50) Actions supply chain leaders should take(29:02) Future predictions and tariff impacts(33:35) Manufacturing activity and automation(41:04) Leadership takeaways from the panelAdditional Links & Resources:Download the Q1 2026 U.S. Bank Freight Payment Index—Rates Edition: https://www.usbank.com/corporate-and-commercial-banking/industry-expertise/transportation/freight-payment-insights.html?ecid=OTHE_80042Connect with Jake Barr: https://www.linkedin.com/in/jake-barr-3883501/Connect with Bobby Holland: https://www.linkedin.com/in/bobby-holland-4a9355/Learn more about U.S. Bank:

New U.S. Census Bureau data that will determine OZ 2.0 eligibility is scheduled to be released on Thursday, January 29, 2026. But with a potential government shutdown looming, questions remain about whether Treasury's official list of eligible census tracts could be delayed. On this month's episode of OZ NewsHour, Jimmy Atkinson and Andy Hagans break down what the data release means for OZ 2.0. Show notes & summary: ⁠https://opportunityzones.com/2026/01/oznh-jan-2026/

WMAL GUEST: LUKE PETTIT (Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury) on the revolutionary "Trump Accounts" summit and the administration's plan to provide a $1,000 long-term financial foundation for American children. WEBSITE: TrumpAccounts.gov Where to find more about WMAL's morning show: Follow Podcasts on Apple Podcasts, Audible and Spotify Follow WMAL's "O'Connor and Company" on X: @WMALDC, @LarryOConnor, @JGunlock, @PatricePinkfile, and @HeatherHunterDC Facebook: WMALDC and Larry O'Connor Instagram: WMALDC Website: WMAL.com/OConnor-Company Episode: Wednesday, January 28, 2026 / 7 AM HourSee omnystudio.com/listener for privacy information.

“Sell America.” There's new talk of how Europe could turn the economic screws on the U.S. after President Trump's play for Greenland. Selling U.S. Treasury bonds is one way. Another is a legal tool. It's been called the EU's bazooka.On today's show, taking stock of Europe's financial arsenal. How could America's largest foreign lender lighten Americans' wallets?Planet Money wrote a book and is going on tour, come see us: tickets and tour dates here. Related episodes: Davos drama, credit card caps and tariff truthsWhy Trump resurrected the Monroe DoctrineLunch with the man who coined TACOFor sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

#684: Most people search for the perfect portfolio — the one allocation that works in every market, at every age, for every goal. This interview starts by explaining why that portfolio does not exist. We talk with Cullen Roche, founder and chief investment officer of Discipline Funds, about why copying someone else's portfolio can backfire, and why portfolio design works better when it starts with your own constraints instead of rules of thumb. We walk through real portfolio models. The conversation begins with the classic 60-40 portfolio. You hear where it came from, how it held up during the Great Depression, and why it became so widely adopted. We also talk about its trade-offs — why it feels boring in strong markets and comforting in crashes, and how that emotional balance plays a role in investor behavior. Next, we shift to a Buffett-style portfolio. You hear why the takeaway is less about stock picking and more about structure. The discussion covers why Buffett keeps a small allocation to cash-like assets, how that “dry powder” functions during downturns, and why psychological stability matters as much as returns. The episode then turns to cash management. We talk about high-yield savings accounts, money market funds and Treasury bills. You hear how many cash products are built on T-bills, how banks capture part of the yield, and when managing cash directly may make sense. The concept of “T-bill and chill” comes up — along with when the extra effort may or may not be worth it. Finally, the conversation zooms out to time horizons. We discuss why income from a job functions like a bond allocation, how that changes risk capacity when you are younger, and why the early years of retirement carry the most danger. The episode closes by explaining sequence-of-returns risk and why portfolios need to work not just on paper, but in moments of fear. Resource: Cullin's website and newsletter: https://disciplinefunds.com Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Intro  (02:00) No perfect portfolio (03:34) 60-40 portfolio starts (06:38) 60-40 keeps calm (08:00) Buffett portfolio basics (12:11) Stocks vs cash fear (13:34) T-Bill and Chill (18:22) TreasuryDirect is clunky (23:42) Income as bond proxy (25:33) Bond tent buffer (29:12) Sequence risk explained (31:42) Early retirement mindset (32:36) COVID panic calls (42:49) Three-fund portfolio basics (58:41) Get-rich-quick trap (1:18:21) Risk parity and All-Weather Learn more about your ad choices. Visit podcastchoices.com/adchoices

Davos felt like a global ideas conference with elite vibes and thin solutions. AI talk shifted from fear to acceptance, while housing fixes turned into political theater full of carveouts and long-shot proposals. We break down why none of it moves the needle for real affordability, then zoom out to the real story: money, confidence, and a monetary system under pressure. As Ray Dalio warns and gold keeps signaling stress, Treasury yields do the real talking, because when the 10 year moves, everything follows.

Metaplanet transformed from a struggling pan-Asian hotel chain into Japan's most aggressive bitcoin treasury company, becoming the fourth-largest corporate bitcoin holder and the country's most active equity issuer in 2025. Dylan LeClair and Phil Geiger break down how Metaplanet raised over $1 billion through capital markets to accumulate more than 35,000 bitcoin while growing its shareholder base to over 220,000 Japanese retail investors. Pierre Rochard digs into rights issues, stock acquisition rights, and how Metaplanet is educating Japanese investors on bitcoin while competing with nearly $7 trillion in zero-interest household savings.

(0:00) Intro(1:36) About the podcast sponsor: The American College of Governance Counsel(2:22) Start of interview(3:21) Jennifer's origin story(8:06) Journey to Treasury starting with Sara Lee Corporation, to Cisco and eBay (20-year career in Treasury)(15:05) From Box to CFO roles at Coupons.com and Smartsheet (took it public as CFO)(20:50) Building a Board Career: True Search, Auth0 (acq by Okta), Nerd Wallet, Wyze, Riskified and Klaviyo.(23:40) Private vs. Public Boards(27:47) On founder-led companies(30:01) The Role of Audit Committees(30:50) Navigating AI in the board(36:37) On increased politicization and geopolitics in the boardroom(38:44) CEO-CFO strategy and talking about the hard stuff(40:22) Qualities of a Great Board Member: "The best board members ask the right questions at the right time in the right tone" (from Anita Sands). "They're willing to help in however the company wants them to help."(44:05) Effective Board Meetings(45:59) Books that have greatly influenced her life:Gifts Differing by Isabel Briggs Myers (1980)Discover your Strengths by Donald O. Clifton and Marcus Buckingham (2001)Dare to Lead by Brené Brown (1980)(48:36) Her mentors (50:09) Quotes that she thinks of often or lives her life by "Don't take no for an answer and don't give up" (51:09) An unusual habit or an absurd thing that she loves: Family Search(53:40) The living person she most admires: Taylor SwiftJennifer Ceran is a seasoned finance executive and board member whose career spans treasury leadership, the CFO role, and public and private company board service. Jennifer currently serves on the boards of NerdWallet, Wyze, Riskified, Klaviyo, Flock Safety, and Mesh Payments. You can follow Evan on social media at:X: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Send us a textThink the Fed can always tame inflation if it just hikes a little harder? We sat down with economist Eric Leeper to unpack why that story falls apart once you account for Congress's power over taxes, spending, and debt. Eric explains operational independence in plain terms, traces how the modern central bank mandate evolved, and shows why economic outcomes depend on both monetary and fiscal choices—especially when higher rates swell interest costs and the bill gets rolled into more borrowing.We walk through the fiscal foundations of inflation: $40 trillion in government liabilities backed by the expectation of future primary surpluses. When those expectations wobble, the price level does the adjustment. That lens reframes the 1970s and Volcker era, highlighting the fiscal steps that helped disinflation succeed. Fast forward to today's 100 percent debt-to-GDP world and the signals are harder to ignore—tailing Treasury auctions, a tilt to shorter maturities, and foreign buyers stepping back. Eric connects those dots to fiscal dominance, where rate hikes can perversely fuel inflation by making bondholders feel richer, forcing the Fed into a damaging loop of ever-tighter policy and ever-rising debt service.So what actually works? Eric outlines a pragmatic Plan B for central banks when Congress won't deliver credibility: prioritize smoother, more predictable inflation paths, reduce policy whiplash, and communicate the fiscal conditions required to reclaim durable price stability. Along the way, we revisit the “Hamilton norm,” examine the UK's 2022 market shock as a cautionary tale, and challenge the idea that inflation control lives only at the Fed.If you care about markets, policy, or your portfolio's real returns, this conversation offers a clearer framework for what moves inflation—and who must act to anchor it. Subscribe, share with a friend who loves macro debates, and leave a review with your take on the best path back to stability.Thanks for listening! Please be sure to review the podcast or send your comments to me by email at info@not-another-investment-podcast.com. And tell your friends!

Treasury Secretary Scott Bessent exposes the right's selective devotion to the Second Amendment after the killing of Alex Pretti. A lawful gun owner dies, and the Second Amendment suddenly doesn't matter.Subscribe to our Newsletter:https://politicsdoneright.com/newsletterPurchase our Books: As I See It: https://amzn.to/3XpvW5o How To Make AmericaUtopia: https://amzn.to/3VKVFnG It's Worth It: https://amzn.to/3VFByXP Lose Weight And BeFit Now: https://amzn.to/3xiQK3K Tribulations of anAfro-Latino Caribbean man: https://amzn.to/4c09rbE

The General Services Administration has leaned into its role as a central, shared services provider for the rest of the federal government during the second Trump administration. In particular, it has taken a leadership position centralizing most federal procurement under one roof and serving as a sort of clearinghouse for federal AI efforts. With so much transformation underway, the GSA during Trump 2.0 has taken on an even brighter spotlight, fueling federal operations. Miranda Nazzaro is the FedScoop reporter covering GSA during this pivotal time, and she joins the podcast to discuss some of the agency's top priorities, from OneGov and the TMF to eliminating woke AI, among others. The Treasury Department said Monday that it would cancel all of its contracts with Booz Allen Hamilton, linking the decision to a former employee now serving prison time for leaking tax returns. Treasury Secretary Scott Bessent said in a three-paragraph press release that the agency's 31 contracts with Booz Allen Hamilton — worth $21 million in total obligations and $4.8 million in annual spending — would be scrapped as part of President Donald Trump's push to “root out waste, fraud and abuse.” “Canceling these contracts is an essential step to increasing Americans' trust in government,” Bessent said. “Booz Allen failed to implement adequate safeguards to protect sensitive data, including the confidential taxpayer information it had access to through its contracts with the Internal Revenue Service.” A Booz spokesperson said in an email to FedScoop that the firm was “surprised by this announcement” — especially given Treasury's reasoning regarding Charles Edward Littlejohn, who between 2018 and 2020 leaked the confidential tax returns and information of hundreds of thousands of taxpayers. “Booz Allen fully supported the U.S. government in its investigation, and the government expressed gratitude for our assistance, which led to Littlejohn's prosecution,” the Booz spokesperson said. “We were surprised by this announcement and look forward to discussing this matter with Treasury.” Per the Treasury release, the IRS determined that the data breach affected roughly 406,000 taxpayers. Littlejohn, who was sentenced to five years in prison last January after pleading guilty to one count of disclosing tax return information without authorization, leaked the returns of Trump, Elon Musk and other wealthy individuals to a pair of news organizations. NASA has a new top official for artificial intelligence and data. Kevin Murphy began serving in an acting capacity in both roles Nov. 30, 2025, NASA spokesperson Jennifer Dooren confirmed to FedScoop in an email. He replaces David Salvagnini, who was the agency's CDO for roughly two-and-a-half years, and CAIO for just over a year-and-a-half. Salvagnini was the agency's first-ever CAIO. According to Murphy's LinkedIn, he has been at NASA for over 17 years. He first served as a system architect at NASA's Goddard Space Flight Center and has held a series of data-related roles, including chief science data officer. As the agency's lead for data science, Murphy has already worked to advance technologies — such as cloud computing, machine learning, and data platforms — for use with NASA's scientific data, per an agency bio. He also oversees the agency's high-end computing capability (HECC) portfolio, which deploys computing technologies to support large-scale modeling, simulation and analysis at the agency. Murphy's designation as acting CAIO and CDO comes after Salvagnini announced his plans to leave the agency in a LinkedIn post roughly two months ago. In that post, Salvagnini said he opted into the Trump administration's deferred resignation program. He said he began his transition Oct. 31 and would retire from federal service in the spring of 2026.

What does it take to lead treasury at a global manufacturing powerhouse known for constant expansion?In this episode, we uncover the operational discipline, strategic thinking, and career moves that shaped Bert Jameson's path to becoming Vice President and Corporate Treasurer at Ingersoll Rand.Bert Jameson is the Vice President and Corporate Treasurer at Ingersoll Rand. With a career that spans high-impact roles at Cargill, Buffalo Wild Wings, and Winnebago, Bert has built treasury functions from scratch, led billion-dollar bond issuances, and helped guide complex M&A transactions - all while staying grounded in the fundamentals of financial leadership.In this conversation, Bert walks through his journey from accounting and tax into the world of treasury, sharing how key career moves, mentorship, and adaptability shaped his rise to leadership.He reveals how treasury operates at the heart of business growth and explains the systems and mindset that allow him to support global operations and fast-paced corporate development.What We Cover in This Episode:How Bert pivoted from tax to treasury through initiative and educationThe skillsets he developed on Cargill's corporate treasury advisory teamEarly exposure to valuations, deal structuring, and bond issuanceMoving from big food and hospitality brands into cyclical manufacturingBuilding a treasury function from the ground up at Buffalo Wild WingsSupporting global operations through a scalable treasury playbookThe role of treasury in M&A - from pre-close due diligence to post-close integrationBert's “Three Pillars of Treasury” frameworkThe cautious role AI is beginning to play in cash forecasting and operationsThe importance of being a mentor and strategic career plannerYou can connect with Bert Jameson on LinkedIn.---

This interview was recorded during Abu Dhabi Finance Week. We explore the rise of Bitcoin treasury firms, why the future of global finance may rest on Bitcoin rails, and how central banks are quietly accumulating BTC behind the scenes. - Why Bitcoin on corporate balance sheets is just getting started - The explosion of Bitcoin treasury companies and why half may disappear - What makes a sustainable treasury model in crypto markets - Whether stablecoins or Bitcoin will underpin the future financial system - Why central banks are embracing Bitcoin—publicly and privately - How Abu Dhabi is becoming a Bitcoin superpower in the Middle East Powered by Phoenix Group The full interview is also available on my YouTube channel: YouTube: https://bit.ly/3ZyVNHH  

In this first episode of our audible case study series featuring corporates from the latest Journeys to Treasury report, Ben Poole (TMI) sits down with Bobbie Eiseman (Comcast) to explore the company's multi-year treasury transformation. From implementing a multinational notional pool to enhancing short-term borrowing strategies, Bobbie shares the milestones, breakthroughs, and tangible benefits for both treasury and the wider business. Our guest also discusses the human and cultural challenges of centralising cash, rationalising banking partners, and upgrading ERP systems, while offering insights on future initiatives, cloud adoption, and the evolving role of treasury in a global enterprise.

Work with Jimmy & the Vreeland Capital Team to build a 20-Unit Portfolio that will get you the equivalent of a retirement account 3X faster with a third of the capital. Visit https://tinyurl.com/mainstreetpatriot... In this episode of The Real Estate Fast Pass, hosts Jimmy Vreeland and Susie Vreeland break down a headline making the rounds in the mortgage world and use it as a springboard to explain what actually moves 30-year mortgage rates. Jimmy unpacks how Fannie Mae and Freddie Mac support lending liquidity through mortgage-backed securities, why mortgage rates tend to track the 10-year Treasury, and what happens when big institutional buyers step in (or step out) of the bond market. From there, they zoom out to the bigger truth: even if rates dip, affordability doesn't magically fix itself when the real constraint is housing supply—lower rates can just pour gasoline on demand and push prices higher. If you're trying to build long-term wealth, this conversation will help you tune out the noise, understand the system, and focus on the repeatable move: lock in smart, stable assets, use leverage responsibly, and keep stacking 30-year fixed “boats in the water” while everyone else is chasing headlines. About Jimmy Vreeland Jimmy graduated from the United States Military Academy at West Point, spent 5 years as an Army Ranger, and deployed three times twice to Iraq and once to Afghanistan. On his last deployment, he read Rich Dad Poor Dad by Robert Kiyosaki which led him down the path of real estate investing. As his own portfolio grew, eventually he started a real estate investing business.  Since 2018 his team at Vreeland Capital has supplied over 100 houses a year to high performing, passive investors who want to work with his team and his team is now managing over 800 houses. Get in touch with Jimmy and his team at www.jimmyvreeland.com/getstartedinrealestate More about Jimmy Website: www.jimmyvreeland.com Linkedin: www.linkedin.com/in/jimmy-vreeland Instagram: www.instagram.com/jimmyvreeland Facebook: www.facebook.com/JimmyVreeland Youtube: www.youtube.com/@JimmyVreelandC >>>>>>Get free access to the private Ranger Real Estate facebook group

Send us a text a comprehensive study guide for the Series 7 exam, focusing on the technical and regulatory nuances of debt securities. They contrast the structures of corporate, municipal, and government bonds, detailing how interest is calculated and how secondary market transactions are settled. Specific attention is given to accrued interest methodologies, such as the 30/360 and actual/365 systems, which determine the payments owed between buyers and sellers. The documents also outline the legal protections and tax implications unique to general obligation and revenue bonds, including the role of trust indentures and bond covenants. Additionally, the sources clarify the characteristics of Treasury bills, notes, and bonds, emphasizing their varying maturities and safety profiles for investors. By providing mnemonics and formulas, these resources serve to equip candidates with the essential knowledge required to manage fixed-income portfolios and navigate federal securities laws.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture Trump trolls the climate people, temps are going down and there incredible amount of snow. China pushes forward with Silk road. Canada/China try to go around Trump’s tariff system and he warns Carney to stop. The people have been dependent on the government and its because of the [CB]. The [CB]/China are trying to stop Trump’s tariffs. Countries want their gold back. The [DS] is taking the information war and now moving to a physical war. The war is between the American people and the criminal syndicate. The [DS] want Trump to use the insurrection act during the midterms, this way they can use the narrative that he is going to stop the elections. Hold the line, the people are waking up. Trump’s counterinsurgency is getting bigger. Trump will not act until he has the leverage, buckle up its going to get bumpy.   Economy https://twitter.com/disclosetv/status/2015283109235732576?s=20 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");   https://twitter.com/WallStreetApes/status/2014838127677030845?s=20  work, I lose my food stamps, I lose my health insurance and we’re only getting $100 back on taxes. Huh? This is why people don’t want to work because why am I working my butt off and losing all that stuff and still living paycheck to paycheck when I was living paycheck to paycheck before, but I at least had food stamps and health insurance and got $7,000 back. Yeah, how’s that math mathing?”  Repatriate The Gold’: German Economists Urge Withdrawal From US Vaults Shift in relations and unpredictability of Donald Trump make it ‘risky to store so much gold in the US', say experts  Germany is facing calls to withdraw its billions of euros' worth of gold from US vaults, spurred on by the shift in transatlantic relations and the unpredictability of Donald Trump. Germany holds the world's second biggest national gold reserves after the US, of which approximately €164bn (£122bn) worth – 1,236 tonnes – is stored in New York. Emanuel Mönch, a leading economist and former head of research at Germany's federal bank, the Bundesbank, called for the gold to be brought home, saying it was too “risky” for it to be kept in the US under the current administration.  “In the interest of greater strategic independence from the US, the Bundesbank would therefore be well advised to consider repatriating the gold.” Source: zerohedge.com Trump Suggests He Can Send $2,000 Tariff Rebate Checks Without Congress  Bessent has also suggested the $2,000 benefit might not take the form of direct cash disbursements.  the Treasury secretary said while he had not yet finalized details with Trump, the “dividend could come in lots of forms,” such as through tax reductions already under consideration—including exemptions for tips, overtime pay, and Social Security benefits, among other deductions. Source: zerohedge.com Political/Rights Anti-ICE Singer Bad Bunny Reportedly Planning to Wear a Dress at Super Bowl Halftime Show to ‘Honor Queer Icons'  Bad Bunny, the anti-Trump, anti-ICE, Puerto Rican rapper, whose real name is Benito Antonio Martínez Ocasio, is reportedly planning to wear a dress to “honor queer icons” during his Super Bowl halftime performance. The artist has a history of wearing skirts, dresses, and other bizarre costumes. According to a Radar Online report, Ocasio will wear the dress at the NFL's biggest game of the year to “honor Puerto Rican queer icons and generations of drag, resistance and cultural rebellion.” The report states: Source: thegatewaypundit.com https://twitter.com/mrddmia/status/2014745821682483678?s=20 https://twitter.com/disclosetv/status/2014735703490334753?s=20 DOGE  dramatic, final, and beautiful conclusion. I would also like to thank President Xi, of China, for working with us and, ultimately, approving the Deal. He could have gone the other way, but didn't, and is appreciated for his decision. PRESIDENT DONALD J. TRUMP Geopolitical https://twitter.com/KurtSchlichter/status/2015086947782525422?s=20    War/Peace   DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA Medical/False Flags https://twitter.com/TheChiefNerd/status/2014517087830491440?s=20 [DS] Agenda https://twitter.com/gatewaypundit/status/2015410989953433956?s=20    BREAKING: Magistrate Judge Orders Release of Minnesota Church Protestor William Kelly All three Minnesota church protestors have now been released from federal custody. Nekima Levy-Armstrong, Chauntyll Allen, and William Kelly, A federal magistrate judge on Friday ordered the release of William Kelly, the far-left agitator who stormed a St. Paul church and harassed parishioners on Sunday. William Kelly was arrested and charged with conspiracy to deprive rights, a federal crime, and violating the FACE Act 18 USC 248 for his involvement in the St. Paul church riots. Kelly was wearing his signature “F*ck Trump” beanie when he was taken into custody. On Friday, Magistrate Shannon Elkins said there was no basis for pretrial detention.   Source: thegatewaypundit.com https://twitter.com/AAGDhillon/status/2015140496344314364?s=20  https://twitter.com/StephenM/status/2014479574847967639?s=20    https://twitter.com/AGPamBondi/status/2015219042441699797?s=20 https://twitter.com/MrAndyNgo/status/2015263298669707666?s=20   to protect people of color. Renee Good was shot dead two weeks earlier after accelerating her SUV toward a federal agent. https://twitter.com/amuse/status/2015259764800770348?s=20   were merely carrying for self-protection he wouldn’t have had that many rounds on him – it is clear he was prepared to kill as many officers as possible. He didn’t bring his permit or ID (it is illegal to carry in MN without both).   https://twitter.com/redsteeze/status/2015275183591010331?s=20 https://twitter.com/joeybeastmarket/status/2015154134849028324?s=20  his gun. Leftists cannot comprehend agency and therefore believe instead that he literally spawned on the sidewalk and through a series of fascist coincidences he was executed for exercising his constitutional right to do whatever he wants without consequences   1. Pretti engaged in obstructive behavior. 2. Pretti committed a felony assault against a federal officer while armed. 3. Pretti resisted arrest while armed. 4. The fact that Pretti had a gun was revealed to all Officers there. So a person for whom there was PC he had committed a violent felony, was resisting arrest, and was armed with a firearm were among the totality of circumstances known to the Officer at the time he used deadly force. Use of deadly force policy does not require the Officers to wait until they are attacked. https://twitter.com/prayingmedic/status/2015144823909728529?s=20 and assumes the suspect is going to begin shooting, so the cop kills him.   Great State of Minnesota? We are there because of massive Monetary Fraud, with Billions of Dollars missing, and Illegal Criminals that were allowed to infiltrate the State through the Democrats' Open Border Policy. We want the money back, and we want it back, NOW. Those Fraudsters who stole the money are going to jail, where they belong! This is no different than a really big Bank Robbery. Much of what you're witnessing is a COVER UP for this Theft and Fraud. The Mayor and the Governor are inciting Insurrection, with their pompous, dangerous, and arrogant rhetoric! Instead, these sanctimonious political fools should be looking for the Billions of Dollars that has been stolen from the people of Minnesota, and the United States of America. LET OUR ICE PATRIOTS DO THEIR JOB! 12,000 Illegal Alien Criminals, many of them violent, have been arrested and taken out of Minnesota. If they were still there, you would see something far worse than you are witnessing today https://twitter.com/MrAndyNgo/status/2015288336189952066?s=20     https://twitter.com/DHSgov/status/2015273624174023098?s=20   was found in possession of a bag containing several similar devices. The subject was arrested. https://twitter.com/amuse/status/2015293685336846546?s=20   https://twitter.com/MrAndyNgo/status/2015217649442013493?s=20   , which has become popular for the far-left in organizing violence due to its reach with mainstream liberals. Wagner has branded himself on the neck with the gang tattoo of the Antifa “Iron Front” logo, similar to how neo-Nazis brand themselves with fascist symbols. https://twitter.com/JackPosobiec/status/2015223657593716965?s=20 https://twitter.com/GoldenAgeTimes2/status/2015181318053581196?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2015181318053581196%7Ctwgr%5Ec578672a0fd7f78278c6fea2c4ab03241a2a7051%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Ftexas-democrat-senate-frontrunner-jasmine-crockett-says-ice%2F   blanche ability to do so.”  or several signals. Let's start with a screen recording of all members of the south side group to start.  to distract the public. Same Deep State playbook. https://twitter.com/MrAndyNgo/status/2015365238862786572?s=20   https://twitter.com/ElectionWiz/status/2015245963648962850?s=20     https://twitter.com/amuse/status/2015259080470802833?s=20 Neon vests for all feds immediately.

This week on The Necessary Conversation, we cover one of the most disturbing weeks yet in Trump's second term — from ICE killing an American citizen in broad daylight, to toddlers being detained and transported across state lines, to Trump humiliating the U.S. on the world stage while openly mocking climate science.

Clean energy should be easy to finance.The money exists.The technology works.The demand is real.And yet, projects stall. Deals drag. Capital gets stuck.And with the IRA crumbling under our feet, everyone is right to ask “how will these projects actually get funded?!”So what's actually broken?In this episode of SunCast, I sit down with Alfred Johnson, CEO and co-founder of Crux, to unpack how clean-energy finance actually works once a project leaves the slide deck — how pricing gets discovered, how risk is evaluated, how trust is established between parties who've never worked together, and why so much of the process still depends on manual workflows and bespoke negotiation.Alfred left a senior role at the U.S. Treasury after reading the Inflation Reduction Act and realizing it didn't just expand incentives - it forced the creation of a brand-new market. One where buyers and sellers had to find each other without reference prices, standardized terms, or a shared operating system to move capital at scale. Crux exists to solve that coordination problem.We talk about:

What if the most powerful figures in world finance held an emergency call on Christmas morning and agreed on a single number, a line in the sand, a price that silver must not cross? That number, according to insider claims, is $75. At that price, 41,000 call option contracts come alive. Banks that sold naked options would need 72 million ounces of physical silver. The problem is only 24 million ounces exist in registered inventory. The math does not work. Something has to break. Silver has already punched through the $50 barrier that held for over four decades. It has entered what David Morgan calls price discovery mode, a phase where the paper paradigm has finally surrendered to physical reality. The true price, he believes, is north of $100. Perhaps much higher. Meanwhile, Treasury auctions are showing cracks. Foreign buyers are stepping back. The system that has held together for decades is showing stress at every seam. David Morgan has studied these patterns for four decades. He publishes The Morgan Report. He has written The Silver Manifesto. He coined the phrase that silver will either scare you out or wear you out. Tonight he explains why institutions may be coordinating to defend price levels, why game theory guarantees their agreement will collapse, why AI generated misinformation is flooding the precious metals space, and why the principles that preserved wealth through Weimar Germany, Argentina, and every monetary crisis in history remain exactly the same today.

Steven Robinson, Editor-in-Chief of the Maine Wire, leads New England's fastest-growing digital media outlet focused on exposing political corruption and organized crime across local, state, and regional levels. A native of Dexter, Maine, and Bowdoin College graduate in political philosophy, he previously worked at Regnery Publishing, produced the Howie Carr Show, and handled Barstool Sports' Kirk Minihane Show and true-crime podcast The Case, which spurred murder charges per season. During COVID-19, he quit his job to travel 35,000 miles across North America in a camper van before returning to Maine in November 2022 to revitalize the Maine Wire as an aggressive, independent platform for underreported stories, bold investigations, and commentary. Robinson's groundbreaking "Triad Weed" series, launched in August 2023 after a leaked DHS memo revealed over 270 illicit cannabis operations by Asian Transnational Criminal Organizations in Maine, uncovered a vast Chinese mafia network spanning Maine to southeast China. His reporting exposed racketeering involving black-market cannabis, human and sex trafficking, money laundering, bank fraud, illegal border crossings, neurotoxins poisoning homes, murder, and national security threats—including CCP-linked properties near U.S. Army facilities. He provided exclusive details on the exploitation of U.S. Treasury–subsidized loans that allowed foreign nationals to purchase over 70 properties. Cited in Congressional reports and featured on CBS, Fox News, the Daily Mail, OANN, and more, Robinson's work has led to over 60 articles, property raids, arrests, Sen. Susan Collins' interrogations of intel agencies, and the documentary Triad Weed: How Chinese Mafia Infiltrated Maine. Local police praise it as a field manual, though Maine media avoids the story. Shawn Ryan Show Sponsors: Get firearm security redesigned and save 10% off @StopBoxUSA with code SRS at https://www.stopboxusa.com/srs #stopboxpod Put your money to work with Stash—visit get.stash.com/SRS to receive $25 towards your first stock purchase and view important disclosures. https://bubsnaturals.com – USE CODE SHAWN Ready to upgrade your eyewear? Check them out at https://roka.com and use code SRS for 20% off sitewide. Steve Robinson Links: X - https://x.com/BigSteve207 X - https://x.com/TheMaineWire Substack - https://robinsonreport.substack.com The Maine Wire - https://www.themainewire.com High Crimes Documentary - https://tuckercarlson.com/high-crimes Harpe - https://getharpe.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Here's your Daily dose of Human Events with @JackPosobiecStart 2026 with less exposure and more control with Patriot Protect at https://www.PATRIOT-PROTECT.COM/POSO. Use promocode POSO for 15% off your yearly subscription. You never agreed to share this information. Now you can take it back.The government has no business forcing things into your water. Don't wait for them to sort out pure water – you have to do it yourself. That's https://www.covepure.com/POSO, for $200 off.Go to https://www.BlackoutCoffee.com/POSO and use promo code POSO for 20% OFF your first order.Support the show

All eyes have been on President Trump's address at the World Economic Forum. Michael Zezas, our Deputy Global Head of Research, and Ariana Salvatore, our Head of Public Policy Research, talk about potential implications for policy and the U.S. outlook.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing our takeaways from President Trump's speech in Davos and what we think it means for investors. It's Wednesday, January 21st at 1pm in New York. Michael Zezas: So, Ariana, over the last couple of weeks, there's been a lot of news about policy proposals coming out of the U.S. and from President Trump around affordability, as well as some geopolitical events around the U.S. relationship with Europe. And investors really started looking towards President Trump's speech at Davos, which he gave earlier today, as a potential vehicle to learn more about what these things would actually mean and what it might mean for the economic outlook and markets. Ariana Salvatore: Yeah, that's right. I think specifically investors were looking for the President to focus on affordability proposals pertaining to housing and some commentary around Greenland. Remember last weekend, President Trump proposed a 10 percent tariff on some EU countries related to this topic specifically. So obviously that did feature in his speech. What did we learn and what do you think are the most important things for markets to know? Michael Zezas: So, maybe the most important headline we got was President Trump appearing to take off the table the use of force when it comes to an attempt to acquire Greenland. And that would seem to, therefore, take off the table the idea of a broader rupture in the U.S.-EU relationship. Both the security relationship vis-a-vis NATO, as well as the economic relationship which could have been ruptured with higher tariffs on both sides, anti coercion measures around trade, and that would be of obvious economic importance. Europe is obviously a major importer of U.S. goods. Not as big as Canada or Mexico, but still pretty significant. So, anything that would've created higher barriers between the two would've had meaningful economic consequences for the U.S. outlook. Ariana Salvatore: Yeah, that's right. And we've been saying that the bilateral trade framework agreement between the U.S. and the EU is actually pretty tenuous in nature, right? So, this doesn't yet have formal backing from the European Parliament. They, in fact, delayed a vote on this exact deal, kind of on the back of these Greenland headlines. So how are we thinking about, you know, what's been priced into markets and maybe what this could mean for something like the dollar going forward? Michael Zezas: Yeah, so it's important to point out that we're not out of the woods yet in terms of potential trade escalation on both sides around the Greenland issue. However, it seems like that bigger tail problem of a decoupling might have gone away. And so, what you saw in markets so far today was that some of the actions over the past, kind of, 24-48 hours with equity market weakness. You know, the S&P was down about 2 percent yesterday. The dollar was weaker. It seemed like more term premium was being baked into the U.S. Treasury market. A lot of that appears to be unwinding today. Said more simply, the idea of a kind of riskier investment environment for the U.S. is getting priced out. At least today, it's getting priced out. And it all makes sense when you think about if there was less of a relationship between the U.S. and Europe, there would be less demand for U.S. dollar holdings overseas. And that's the type of thing that should manifest in a weaker dollar and higher term premia, steeper yield curves for U.S. Treasuries. Ariana Salvatore: Yeah, and that dovetails really nicely with the work that we just put out with the FX team, kind of highlighting some of the policy factors as push factors for countries to move away from the dollar. We think that's happening marginally. We think it's not really a risk in the immediate term, but some of these policy drivers can actually create dollar weakness over the medium to longer term. Michael Zezas: Of course, to the extent that we get news that this is a head fake and that tensions are re-escalating, you'd expect some of those trades to start pushing markets back in the other direction again. Now, President Trump also talked quite a bit about domestic policy, largely about affordability, and some of the policy proposals he's put forward over the last couple of weeks. Was there any new details that you heard that you think are meaningful for investors? Ariana Salvatore: So, the short version is nothing really new, and the reality is that a lot of housing policy in particular is actually out of the hands of the executive. And even if you do see congressional action here, it's likely to be marginal. A lot of housing policy is done at the state level, and even bipartisan efforts to address both the demand and the supply sides of the equation have faced some resistance in Congress. That doesn't mean they can't reemerge. But we would need to see a very large decline in the mortgage rate to get noticeable effects on economic indicators like GDP, inflation and employment. And in terms of what this means for the housing outlook, the programs talked about so far should push sales marginally higher but have little impact on our expectations for our home prices. Now it's important to note that the president didn't spend that much time of the speech talking about housing affordability proposals, as was telegraphed ahead of time. And since that, the head of the NEC Kevin Hassett has said they plan to announce more details on housing in the coming days. Michael Zezas: Got it. So, on the two pieces here that investors have really focused on, which are capping institutional ownership of single-family homes and potentially capping interest rates on credit cards, it sounded like the president talked about he would go to Congress for authorization on those things.Is that right? And if so, how plausible is it that Congress could actually deliver those authorities? Ariana Salvatore: So, here's where I think it's really critical to understand the role that Congress has to play in all of these policy initiatives. So, there are not only political constraints, but there are also procedural ones. If we were to see Republicans kind of push for this 10 percent cap, for example, that likely would have to go through the reconciliation process. And that process, as we know, comes with a number of limitations because something like a 10 percent cap wouldn't have much of an impact on the federal budget in terms of revenues or outlays. We think it's most likely not going to be permissible under that framework. So, understanding that the first filter here is Congress, and the second filter is these procedural limitations that exist in and of themselves is really important context for understanding the president's proposals on housing.Michael Zezas: So, is it fair to say the starting point is that we think Congress is unlikely to act on these things? And what would you have to see that might make you think differently? Ariana Salvatore: I think where we're looking for signals from Republican leadership in Congress – because as of right now, it's been our thinking that a second reconciliation bill ahead of the midterm elections is not feasible. It's too difficult politically, it takes a lot of time, but if you see enough of a push from the president, we do think that can start to become feasible. Again, we have to keep in mind these procedural limitations and where the rest of the party falls on these issues. But I think they're possible if the administration pushes hard enough for them.Michael Zezas: Got it. So, even though we don't think it's likely, we obviously want to prepare in case that happens. When it comes to housing, it seems like our team has said institutional ownership of single-family housing is quite low, 1 percent or less. And so, restrictions there wouldn't necessarily change the game on home prices. What about the 10 percent cap on credit card interests? What are the broader ramifications that our colleagues see? Ariana Salvatore: Yeah, so I'd say generally speaking, when it comes to consumer credit affordability policies, our strategists think that these could actually translate to a benefit for consumer ABS performance because they tend to be a tailwind for a consumer that's struggled with rising delinquencies and defaults post-COVID, right? However, there are some specific proposals like this cap on credit cards, and that's likely going to have a negative consequence because it's going to limit credit access for consumers, especially for those carrying a balance. So, probably a little bit counterintuitive to the overall affordability agenda that the administration's trying to go for. Michael Zezas: So, lots of interesting stuff coming out of the speech. Lots of things we have to track over the next few weeks and months. It certainly doesn't seem like it's going to be a boring year two of the Trump term for investors. Ariana Salvatore: Certainly not, and not for us either. Michael Zezas: Well, Ariana, thanks for finding the time to talk. Ariana Salvatore: Great speaking with you, Mike. Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen. And share Thoughts on the Market with a friend or colleague today.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture The EU/Germans are starting to see that the direction of the world has changed, they are now trapped in destroying the power infrastructure. Trump placed tariffs on EU, the EU thinks they can fight back, they already lost. The Fed is panicking, they keep repeating independence, in the end there will be no Fed. The [DS] is trying to keep their agenda on track and they are trying to maintain the old guard power structure. Trump is the process of dismantling the old guard power structure and the [DS] cannot stop it. Everything is at stake, the people must take back the power. Trump is leading the [DS] down the path to have an insurrection against the people of this country, trap set. Hold the line justice is coming, Trump is getting all the leverage.   Economy German Chancellor Merz Admits Shutting Down Nuclear Energy Production Was a “Severe Strategic Mistake” Germany has a severe electricity shortage and cost problem, and it's getting worse. German Chancellor Friedrich Merz recently made the admission that shutting down the German nuclear power reactors was a “severe strategic mistake.” “To have acceptable market prices for energy production again, we would have to permanently subsidize energy prices from the federal budget,” Merz said, adding: “We can't do this in the long run.” “So, we are now undertaking the most expensive energy transition in the entire world,” Merz said with pronounced frustration. “I know of no other country that makes things so expensive and difficult as Germany.” Keep in mind, Germany represents the largest contributing economy in the European Union.  The German industrial sector is the backbone of the European economic model. Source: theconservativetreehouse.com (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");    very successfully, at that! Nobody will touch this sacred piece of Land, especially since the National Security of the United States, and the World at large, is at stake. On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown. This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable. Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation end quickly, and without question. Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland. The United States has been trying to do this transaction for over 150 years. Many Presidents have tried, and for good reason, but Denmark has always refused. Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important. Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it. The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA   https://twitter.com/disclosetv/status/2012565207730545125?s=20 https://twitter.com/disclosetv/status/2012634968556523924?s=20   https://twitter.com/KobeissiLetter/status/2012875286702899711?s=20  restrict US access to the EU market, potentially blocking US banks from EU procurement and targeting US tech giants. This trade weapon has never been used before. In short, yes—a potential trade war triggered by these actions would likely inflict more economic pain on the EU than the U.S., though both sides would suffer. The asymmetry stems from trade dependencies, market sizes, and broader leverage. Trump will counter the EU Raise the threatened tariffs beyond 25% (e.g., to 50-60% on key EU goods like autos, steel, or agriculture) to force concessions. He’s already signaled willingness to go higher if no Greenland deal materializes. Impose sanctions on specific EU sectors or companies, such as luxury goods (hurting France) or tech imports, while exempting allies who break ranks (e.g., if Italy or Eastern Europe hesitate on ACI). Broader Leverage: Link trade to NATO or security, threatening to reduce U.S. troop presence in Europe or cut funding unless EU backs off. He could also accelerate “Buy American” policies to boost domestic alternatives. Publicly dismiss the ACI as “weak” or “all talk” via X or statements, then push for bilateral deals with individual EU countries to divide the bloc (e.g., deals with the UK post-Brexit).  If ACI activates, pursue WTO challenges or rally non-EU allies (e.g., Canada, Japan) against EU measures, while advancing U.S. Arctic strategy independently.   https://twitter.com/FUDdaily/status/2012668421612183897?s=20  on stolen IP with fraudulent certification, and made with slave labour, while plundering the world’s oceans and polluting the planet like no other. Then as Europe deindustrialises and offshores its manufacturing to China (along with the knowledge economy that goes with it), it passively allows China to subvert its customs enforcement and tariff regime, and rolls out the red carpet for industrial scale data theft. Make no mistake. China IS at war with the West. This is an economic war that’s been going on for thirty years or more. But Western liberals would rather align with China because Orange man bad. That’s the mentality we’re dealing with here. For sure, China isn’t planning on invading the West, but they don’t need to – because we’re already handing over everything of value without a fight. https://twitter.com/OpenSourceZone/status/2012615143331352606?s=20   https://twitter.com/profstonge/status/2012140279965401446?s=20 U.S. Economy Best Served by Independent Federal Reserve, Fed's Kashkari Says Kashkari says that the Fed's policy committee is focused on its economic goals as it deals with a complex scenario of a cooling labor market and inflation The U.S. economy is best served by having an independent Federal Reserve that executes monetary-policy decisions based only on data and analysis, Minneapolis Fed President Neel Kashkari said in a virtual conversation with the Wisconsin Bankers Association. With a new Fed chair on the horizon, and increased pressure on the committee after it received subpoenas from the Justice Department late last week relating to Chair Jerome Powell's testimony about renovations of the central bank's headquarters in Washington, Kashkari said Wednesday that the Fed's policy committee is focused on its economic goals as it deals with a complex scenario of a cooling labor market and inflation that has remained above its 2% target. Source: wsj.com   Journal call me to ask whether or not such an offer was made? I would have very quickly told them, “NO,” and that would have been the end of the story. Also, one was led to believe that I offered Jamie Dimon the job of Secretary of the Treasury, but that would be one that he would be very interested in. The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie? No such offer was made there, or even thought of, either. The Wall Street Journal ought to do better “fact checking,” or its already strained credibility will continue to DIVE. Thank you for your attention to this matter! Political/Rights      Order securing an EXCLUSIVE 4 hour Broadcast window, so this National Event stands above Commercial Postseason Games. No other Game or Team can violate this Time Slot!!!   On the field, they are rivals, but on the battlefield they are America's unstoppable Patriots, defending our Country with tremendous Strength and Heart. We must protect the Tradition, and the Players, who protect us. Please let this serve as Notice to ALL Television Networks, Stations, and Outlets. God Bless America, and God Bless our great Army-Navy Game!!! President Donald J. Trump https://twitter.com/DHSgov/status/2012590105265947114?s=20  enforcement are not only dangerous but also serious crimes. By putting law enforcement in danger and creating a conflagration of chaos, you are also risking your own life. https://twitter.com/CollinRugg/status/2012635139839520983?s=20  before protesters tried ripping him from the car to get him back on the street. “I just got stabbed by a crazie white commie leftist rioter today in Minnesota…” Lang said on X. “Plate carrier blocked it…” Horrific. https://twitter.com/JakeLang/status/2012691764251861167?s=20 https://twitter.com/nicksortor/status/2012583407557959872?s=20       of attention off the 18 Billion Dollar, Plus, FRAUD, that has taken place in the State! Don't worry, we're on it!  DOGE https://twitter.com/RedWave_Press/status/2012640651855233169?s=20   below) Leavitt: “[Trump] said, ‘Make sure you guys don't cut the tape, make sure the interview is out in full.” Tony Dokoupil: “Yeah, we're doing it, yeah.” Leavitt: “He said, ‘If it's not out in full, we'll sue your a$$ off.'”   https://twitter.com/VigilantFox/status/2012692074336829815?s=20 Thread   that reaffirm facts and separate facts from opinion. We want diversity of opinion. We don't want diversity of facts. That, I think, is one of the big tasks of social media. By the way, it will require some government regulatory constraints… Geopolitical https://twitter.com/KobeissiLetter/status/2012865218641277321?s=20   can therefore not, even symbolically, be passed on or further distributed,” they add.    very successfully, at that! Nobody will touch this sacred piece of Land, especially since the National Security of the United States, and the World at large, is at stake. On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown. This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable. Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation end quickly, and without question. Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland. The United States has been trying to do this transaction for over 150 years. Many Presidents have tried, and for good reason, but Denmark has always refused. Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important. Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it. The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA https://twitter.com/ElectionWiz/status/2012627390527045862?s=20  no place in this context. Europeans will respond in a united and coordinated manner if they are confirmed. We will ensure respect for European sovereignty. It is in this spirit that I will speak with our European partner. https://twitter.com/disclosetv/status/2012879305936621840?s=20 President Trump Announces New Tariffs Against “EU Leadership” Nations Attempting to Interfere in North American Strategic Defense and Greenland Negotiations Trump is telling the EU to quit talking and start actively being responsible for their own security.  In the background Trump has bigger plans. Hans Mahncke has a solid take on the bigger picture: “The notion that America wants Greenland for its raw materials is either insanely ignorant or just engagement bait. Extracting anything in the Arctic is prohibitively expensive, and often physically impossible, with extreme cold, thick ice, equipment that won't function, and no roads, rail or ports to move anything once you have it. The real reason America needs Greenland is its immense geostrategic military value, which should be obvious to anyone with a functioning brain, especially anyone who has ever looked at a map from above, with the North Pole at the center. Sure, some tasks could be outsourced to NATO, but that alliance is on its last legs, burdened by too many countries with conflicting priorities, and has mainly served as a way for Europe to freeload on US security guarantees. Relying on it for American national security is reckless. It's far smarter to cut out the endless middlemen and take direct control.” (source) As also noted by Jim Ferguson: “Ursula von der Leyen just went on camera and declared that Greenland “belongs to Denmark and NATO” — directly rebuking President Trump. Let's translate that. This isn't about the Greenlandic people. This is about Brussels panicking because Trump is exposing the Arctic power game. Greenland controls: • the northern missile corridor • Arctic shipping lanes • and the gateway to North America That makes it one of the most important strategic territories on Earth. And Trump said the quiet part out loud: If the U.S. doesn't secure it, China or Russia will. Von der Leyen's response wasn't to protect the West, it was to protect EU control. She wrapped it in pretty words about “NATO unity” — but what she really meant was: Brussels gets a veto over American security. That's what this is about. Trump isn't breaking the alliance. he's breaking the illusion that unelected EU bureaucrats get to decide the future of the Arctic. Greenland is not a Brussels bargaining chip; it is the northern shield of the United States, and for the first time in decades, America has a president willing to say it. Ursula doesn't hate Trump because he's reckless, she hates him because he won't let Europe freeload on American security while selling the future to Beijing.” Source: theconservativetreehouse.com https://twitter.com/kadmitriev/status/2012621940402368862?s=20   War/Peace Iraq takes full control of air base after US withdrawal, defence ministry says  U.S. forces have withdrawn from Iraq’s Ain al-Asad Airbase, which housed U.S.-led forces in Western Iraq, and the Iraqi army has assumed full control, the Iraqi defence ministry said on Saturday. In 2024, Washington and Baghdad reached an understanding, opens new tab on plans for the withdrawal of U.S.-led coalition forces from Iraq and a move towards a bilateral security relationship. Source: reuters.com      As Chairman of the Board of Peace, I am backing a newly appointed Palestinian Technocratic Government, the National Committee for the Administration of Gaza, supported by the Board’s High Representative, to govern Gaza during its transition. These Palestinian leaders are unwaveringly committed to a PEACEFUL future!   With the support of Egypt, Turkey, and Qatar, we will secure a COMPREHENSIVE Demilitarization Agreement with Hamas, including the surrender of ALL weapons, and the dismantling of EVERY tunnel. Hamas must IMMEDIATELY honor its commitments, including the return of the final body to Israel, and proceed without delay to full Demilitarization. As I have said before, they can do this the easy way, or the hard way. The people of Gaza have suffered long enough. The time is NOW.   PEACE THROUGH STRENGTH. https://twitter.com/UnderSecE/status/2012860595121295443?s=20 the Union's project was unstoppable. Today, we are seeing that same spirit here: a relentless drive to push ahead with AI-scale growth and supply chain integration and investment. This is what Trump Time looks like. NONE of this would be possible without President Trump and Secretary Rubio's leadership! The work continues.   Trump Appoints Rubio, Witkoff, Kushner, And Blair To Gaza ‘Board Of Peace’ The White House announced on Jan. 16 the names of members appointed to the Gaza Board of Peace, which President Donald Trump created as part of phase two of a U.S.-backed plan to end the war in Gaza. Among the “founding executive board” members are U.S. Secretary of State Marco Rubio, presidential special envoy Steve Witkoff, Trump's son-in-law Jared Kushner, and former British Prime Minister Tony Blair. The board also includes private equity executive Marc Rowan, World Bank President Ajay Banga, and U.S. national security adviser Robert Gabriel, according to a White House statement. The board, to be chaired by Trump, will oversee the Palestinian technocratic committee—also known as the National Committee for the Administration of Gaza (NCAG)—which will be led by former Palestinian Authority official Ali Abdel Hamid Shaath. The White House said each of the members will be tasked with managing Gaza's “governance capacity-building, regional relations, reconstruction, investment attraction, large-scale funding, and capital mobilization,” which it said are vital to the enclave's stability and long-term success. The administration also named Aryeh Lightstone and Josh Gruenbaum as senior advisers to manage the board's daily strategy and operations, and appointed Nickolay Mladenov, a Bulgarian diplomat and former United Nations envoy to the Middle East, as the high representative for Gaza. Trump also tapped Maj. Gen. Jasper Jeffers to lead the International Stabilization Force, which will oversee security operations and the safe delivery of humanitarian aid and reconstruction materials to Gaza. The administration also announced a separate 11-member executive board, comprising some of the founding members, which will support both the technocratic committee and Mladenov's office. In announcing the board's formation on Jan. 15, Trump said the United States will work with Egypt, Turkey, and Qatar to secure an agreement that will require Hamas to surrender all weapons and dismantle its tunnel network. “Hamas must immediately honor its commitments, including the return of the final body to Israel, and proceed without delay to full Demilitarization,” the president said.  Source: zerohedge.com   https://twitter.com/TrumpWarRoom/status/2012227016418816311?s=20    https://twitter.com/RyanSaavedra/status/2012568999738163323?s=20  the slaughter of its people. His country is the worst place in the world to live because of failed leadership.” “The crime he has committed as the leader of a country is the complete destruction of the country and the use of violence on a scale that has never been seen before. To maintain the functioning of a country, even if that functioning is at the lowest possible level, a leader must focus on properly administering his country, as I do in the United States, rather than killing thousands of people to maintain control.” https://twitter.com/DonaldJTrumpJr/status/2012703384986382564?s=20   Medical/False Flags [DS] Agenda https://twitter.com/WarClandestine/status/2012657028783628755?s=20 Minnesota Governor Activates National Guard According to the Minnesota Dept of Public Safety, Governor Tim Walz has activated the national guard. However, in a statement on their X account the officials note, the guard “are not deployed to city streets at this time, but are ready to help support public safety, including protection of life, preservation of property and supporting the rights of all who assemble peacefully.” This is likely a proactive move to block President Trump from invoking the ‘insurrection act' to stop the chaos being fueled by the governor himself as well as professional leftists in the region. [SOURCE]  . The Minnesota national guard are being called to duty as a chaos management operation.  They are not being called up to stop the violence, merely facilitate the ongoing violent street protests.  The national noticing, along with the riots and violence, continues…. Source: theconservativetreehouse.com President Trump's Plan US Ends Aid to Somalia After Locals Torch and Loot Warehouse Filled with 76 Tons of US-Donated Food The United States ended taxpayer-funded food aid to Somalia after local officials torched and looted the stockpiles of food stored in a local warehouse. The US State Department released a statement after the warehouse was destroyed. https://twitter.com/USForeignAssist/status/2008980437591355644?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2008980437591355644%7Ctwgr%5E31d6d49d23e10c7438fba10706fbb66143259707%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fus-ends-aid-somalia-after-locals-torch-loot%2F policy for waste, theft, and diversion of life-saving assistance. Source: thegatewaypundit.com DOJ Launches a CRIMINAL Investigation into Renee Good's Widow for Her Alleged Role in ICE Self-Defense Shooting: Report The widow of Renee Good is now reportedly in legal trouble following her actions in this month's ICE self-defense shooting in Minneapolis.  Department of Justice has launched a criminal investigation into Becca Good for allegedly impeding an ICE agent in the moments before her wife's death. The probe will focus on Becca's ties to far-left activist groups and her actions leading up to her wife's fatal shooting.  n. NBC News reported:   Source: thegatewaypundit.com https://twitter.com/FBIDirectorKash/status/2011987701113786455?s=20 Trump Reportedly Puts OVER 1,000 Active Duty Soldiers on Standby For Deployment to Minnesota After Threatening to Invoke Insurrection Act – White House Responds   As The Washington Post reported, the Trump Administration has ordered roughly 1,500 active-duty soldiers to be on standby for deployment to Minnesota following the massive anti-ICE riots over the past several days. These riots have reached a new and dangerous level following the ICE self-defense shooting of leftist protester Renee Good. Here are more details on the possible deployment from The Post: Source: thegatewaypundit.com https://twitter.com/amuse/status/2012873723376799902?s=20 https://twitter.com/TheStormRedux/status/2012887587396927854?s=20  of the United States. Foreign illegal aliens who broke into this country who then raped children, who committed human trafficking, sex trafficking, drug trafficking – protected, shielded, sheltered, coddled, defended at every level by the leadership in Minnesota… Willfully aiding and abetting this violence.” Stephen Miller continued on to explain that it's all to protect their “mass migration scheme” because the illegal aliens are “the heart of the Democrat party's political power.” Deport the criminals and the D party loses their voting base. To @realDonaldTrump , pull the trigger. The American people stand behind you! https://twitter.com/WarClandestine/status/2012272658780434598?s=20  . The Military would be assisting in the deportation operation, and serving as both a physical and psychological deterrent for would-be rioters. And given that the Dems are using illegals to steal elections, this operation is literally a matter of NATSEC, so the usage of US MIL to expedite the process is more than justified. Trump will strike when the time is right. https://twitter.com/Rasmussen_Poll/status/2012878860732228047?s=20   Presidency but, when you think of it, neither did Joe Biden. The whole thing was RIGGED. There must be a price to pay, and it has got to be a BIG ONE! PRESIDENT DONALD J. TRUMP   https://twitter.com/amuse/status/2012897466685763881?s=20   backing her challenge to Bill Cassidy and formalizing a long-simmering rift with RINO leadership in the Senate. The endorsement underscores Trump's push to remake the Senate with loyal America First fighters. The move could reshape multiple races, including in Texas, where Trump has signaled support for Ken Paxton as Sen. John Cornyn's campaign continues to falter. https://twitter.com/mattvanswol/status/2012586397442416715?s=20   https://twitter.com/AwakenedOutlaw/status/2011915642543525943?s=20   understand why he has to do what he’s doing, you will.  Everyone will. https://twitter.com/Pat_Stedman/status/2012152603468034264?s=20 The emotionally incontinent on this website were screaming all year that Trump had to arrest people Day 1, not understanding this was a siege, and the route to long term political dominance lay in not only attriting the enemy before battle but developing the moral high ground to fight in the first place. The left’s choices now are lose slowly and get picked off one by one or throw it all on one last dice roll while you still have some assets to deploy. They are the ones who are desperate not Trump. And they are about to give him the political capital to deploy the military against them and destroy them utterly and completely – not just their networks, but their entire narrative. By the time it’s all over

Gold and silver just posted historic record highs, and Wall Street is still asleep.In this week's Schiff Gold Friday Market Wrap, Peter Schiff breaks down the biggest one-day dollar rally in gold history, silver's surge above $90 an ounce, and why recent volatility is consolidation at extreme highs — not a top.Peter explains why:Gold and silver are flashing early warnings of a coming U.S. dollar and Treasury bond crisisMining stocks remain dramatically undervalued despite exploding metal pricesInflation is accelerating again while the Fed talks about rate cutsRising Japanese bond yields threaten global bond marketsTrump-era policies are unintentionally pushing the world away from the dollar and into goldCPI headlines are misleading while producer inflation is surgingThis moment mirrors subprime in 2007 — an early signal before a much larger crisisGold is reacting first. Silver followed. Bonds and the dollar are next.Peter also explains why waiting for pullbacks is a mistake, why physical silver supplies may tighten sharply, and why this bull market is just getting started.⭐️ Sign up for Peter's most valuable insights at https://schiffsovereign.com