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Funny chart... (gold open interest)

I will be on CNBC Asia shortly...

It is rare for the Fed to set rates at a level similar to nominal GDP growth. Normally, there is a large gap, with nominal policy rates well below nominal growth. The last times we were here were in the early 2000s and around 2006-2007. Something to think about...

My @cnbc interview from moments ago… cnbc.com/video/2025/06/…

so Downtown Josh Brown ADP, and then...

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It is clear that investors in US stocks, including very large cap stocks, have new risk factors to consider in their investment process (up and down, I guess)

Getting ready for Bloomberg’s macro event this afternoon, where I am on the USD panel…