ICYMI: The Financial Repression Endgame! We Discuss: 🔶 Stephen Miran’s Fed board nomination 🔶 The meltdown in CRE & public pensions 🔶 How to trade different tariff scenarios 🔶 The impact of the TGA rebuild 🔶 The economy’s slow-moving trainwreck @Tyler_Neville_ @qthomp @fejau_inc Timestamps: 00:00 Introduction 02:03 Market Whipsaw 03:10 Miran Fed Nomination 06:07 Where Are We Right Now? 10:19 CRE & Chicago Meltdown 16:50 VanEck Ad 17:35 Pension Crisis 22:17 Dependence on the Rich 26:29 Gaming Out Tariff Scenarios 32:59 VanEck Ad 33:43 Gaming Out Tariff Scenarios 36:52 Gold Demand & Bitcoin Reserve 40:28 TGA Rebuild 48:19 Negative Real Rates Incoming 50:14 Vanguard Bond Allocation 53:52 Our Slow-Moving Trainwreck 56:04 Final Thoughts Links Below ↓

🚀 NEW ROUNDUP: The Financial Repression Endgame! We Discuss:      🔶 Stephen Miran’s Fed board nomination 🔶 The meltdown in CRE & public pensions 🔶 How to trade different tariff scenarios 🔶 The impact of the TGA rebuild 🔶 The economy’s slow-moving trainwreck @Tyler_Neville_ @qthomp @fejau_inc Links Below ↓

Former Forward Guidance guest @SteveMiran was just nominated to the FOMC board to replace Adrian Kugler's seat until it ends in January 2026. Check out our interview with him here:

ICYMI: Markets Haven’t Priced In The End of Fiscal Tailwinds We Discuss: 🔶 Entering a contractionary fiscal impulse 🔶 Why QRA threw cold water, not gasoline 🔶 Fed leadership vacuum & September pivot odds 🔶 Why long bonds still can’t catch a bid 🔶 Stablecoin myths & marginal buyers of T-bills @dampedspring @fejau_inc Timestamps: 00:00 Introduction 01:59 Fed Takeaways 09:42 VanEck AD 10:28 What Happens When Powell Leaves? 16:49 Treasury QRA Breakdown 22:24 Impact of Treasury Buybacks 26:27 TGA Rebuild & Liquidity 29:19 Fed Balance Sheet & Reinvestment Policy 30:23 VanEck Ad 31:03 Fed Balance Sheet & Reinvestment Policy 44:19 Tracking the Economic Data 51:03 Financial Conditions vs Growth 52:28 Making Sense of Market Pricing 57:06 Short vs Long Rates 59:09 Net Impact of Stablecoins 1:10:47 Final Thoughts Links Below ↓

Andy (@dampedspring) on the real stories in macro: global rotation, fiscal tightening, and bond supply ↓ Don't miss the forest for the trees!

Fed, Treasury, and President move as one unless inflation’s a real threat. And right now, @dampedspring says it’s not ↓

The Fed has been soaking up duration, but if it stops buying long bonds, Treasury may have to term-in its debt ↓ @dampedspring

Has the fiscal train already stopped? @dampedspring thinks animal spirits are masking bad macro fundamentals ↓

🎙️NEW POD: Markets Haven’t Priced In The End of Fiscal Tailwinds We Discuss: 🔶 Entering a contractionary fiscal impulse 🔶 Why QRA threw cold water, not gasoline 🔶 Fed leadership vacuum & September pivot odds 🔶 Why long bonds still can’t catch a bid 🔶 Stablecoin myths & marginal buyers of T-bills @dampedspring @fejau_inc Links Below ↓

Everything you need to know about the current state of the labor market ↓