Show from 10/10/25

Host Jeremy Schwartz and Professor Siegel discuss the market’s resilience amid a continued government shutdown, emphasizing the positive momentum driven by AI and the broader economic environment. Professor Siegel warns about the potential for negative consumer sentiment if the shutdown lingers and points to recent data and global central bank comparisons to support the case for U.S. rate cuts. He also addresses the state of private credit markets, gold and bitcoin trends, and implications of current tariff levels, while noting AI remains a strong market driver. (13:55) Jeremy continues the conversation with Jeff Weniger and Sam Rines before welcoming guest Jim Bianco. Sam shares insights from a recent trip to Mexico, noting optimism from local investors and a surprising lack of concern about U.S. tariffs. He also discusses geopolitical tensions and Chinese EV penetration in Mexico. Jeff offers analysis of stress in private credit markets, highlighting the case of First Brands and broader implications for underwriting standards. The episode then transitions to an in-depth discussion with Jim Bianco, who outlines how a stalled flow of immigration could be reshaping the labor market and the Fed's rate path. He explores how AI is already influencing GDP through data center and energy build-outs, compares its trajectory to the internet’s evolution, and discusses long-term inflation expectations shaped by remote work and global segmentation. Jim also reflects on Fed governance and independence, challenges in interpreting the yield curve, and his fixed income index strategy that leverages ETFs to express macro views. He closes by reaffirming his “4-5-6” return framework and how AI-driven equity gains are masking broader market underperformance.

Jim Bianco on X: https://x.com/biancoresearch

Website: https://www.biancoresearch.com/visitor-home/

WisdomTree: https://www.wisdomtree.com/investments

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