Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to the show for an in-person episode to recap the FOMC, discuss the state of the economy, housing, and his highest conviction ideas.

Sponsor:

Monetary Metals. https://monetary-metals.com/julia

Links:

Twitter/X: https://twitter.com/rcwhalen

Website: https://www.rcwhalen.com/

The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/

Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673

Timestamps:

0:00 Welcome and introduction - Chris Whalen's first in-studio appearance

0:24 Julia's introduction highlighting Chris's credentials and analysis

1:16 Fed takeaway - Steve Miran only governor wanting 50bp cut

2:19 Housing emergency coming - Fed drove prices up, Trump faces constraint

2:31 Housing scenarios - mortgage rates retreating after quarter point

4:17 Monetary Metals ad read

5:34 Housing psychology - homeowners trying to sell at the top

6:53 Office space comparison - no longer premium asset class

7:38 Fed rate cut outlook - may not see more cuts for months

9:58 Bank balance sheet problems - mortgage securities underwater

10:54 Politics of inflation - housing affordability crisis

13:10 Viewer housing question response - Florida 1924 parallels

15:32 DC trip on GSEs - still no roadmap from Treasury

18:43 Fannie/Freddie trade - made 30% then got out

19:54 Taking profits

22:36 Watching the herd mentality

25:20 Dollar/deficit thesis - weaker dollar, Treasury pressure ahead

27:47 Fed restructuring vision - eliminate Board of Governors

31:09 Housing emergency declaration - resuming MBS purchases discussion

33:51 Mixed economy - wealthy vs bottom quartile struggling

34:34 Debt myths - Americans love inflation, debt is currency

36:18 Highest conviction trade - gold and strategic silver

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