The Julia La Roche Show #258 Chris Whalen: No Recession, Tariffs Just 'a Distraction,' Why Stocks Rise & Gold Is 'a Great Trad
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May 15, 2025 Chris Whalen, chairman of Whalen Global Advisors and author of 'Inflated: Money, Debt and the American Dream,' shares his contrarian views on the economy. He dismisses recession fears while spotlighting a silent downturn in commercial real estate. Whalen critiques the Treasury-Fed relationship as crucial to America's economy and warns of a potential commercial real estate collapse. He also examines the impact of inflation on housing affordability, emphasizing the challenges faced by average citizens versus asset holders.
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Tariffs Distract, Inflation Drives Stocks
- The tariff issues were a distraction; markets rebounded once deals seemed likely.
- Stocks rise in the U.S. mainly due to inflation and banking system growth, not low inflation.
Stay Long Stocks and Gold
- Investors should be long stocks and gold amid ongoing inflation despite tariff progress.
- Gold remains a strong trade due to persistent inflation and fiscal irresponsibility.
Treasury-Fed Relationship Crucial
- The Treasury and Federal Reserve are essentially alter egos working together.
- The functioning of the Treasury market is more crucial than employment or inflation for the Fed.