On this episode, we dive into the latest on the U.S. economy and markets: the national debt, the impact of a sliding U.S. dollar, and whether stocks are showing broader strength. We’ll discuss the Federal Reserve, potential rate cuts, and the challenges the new Fed chair will face. Plus, we’ll update you on earnings, market breadth, unemployment, inflation, and what bond markets are signaling about the economic outlook.

Is the next leg of the bull market already underway? We break down how housing could re-ignite growth under Trump-era policies that resemble QE by another name, why stocks continue to confirm a bull market with expanding participation, and how a jobless boom and production-led growth are reshaping the economy. We also revisit 1970s-style inflation cycles, extreme pessimism in oil, and why long-term dollar weakness and rising gold reserves may signal a shift in global capital flows.

We break down the outlook for stocks and the economy, including earnings growth expectations, Fed policy, and why corporate profits remain strong while households feel pressure. The episode explores AI-driven growth, productivity gains, inflation and wage trends, and the outlook for emerging markets and small caps. We then step back to examine lessons from history—herd behavior, technology adoption cycles, debt-fueled booms, and why asset prices often peak well before the economy slows—ending with the key question for investors: where are we now in the cycle?