Today's episode examines the intensifying friction between a hawkish Federal Reserve and a new era of supply-driven inflation fueled by Middle East instability. We analyze the structural risks to the AI sector and the shifting dynamics of global energy security as the era of predictable, low-cost stability concludes.

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0:00 - Introduction
0:42 - Monetary Policy Uncertainty and the Inflation Tug-of-War
8:22 - Energy Shocks and Geopolitical Fault Lines
14:43 - The AI Arms Race and Silicon Valley's Margin Squeeze
18:49 - Earnings Season: Corporate Resilience and Strategic Pivots
21:40 - Conclusion

Referenced sources:
Surprise Iran Attack On US Bases, OpenAI Model Escapes Again, Spain's Buffet Acolytes (Bloomberg Daybreak: Europe Edition)
Surprise Iran Attack On US Bases, OpenAI Model Escapes Again, Spain's Buffett Acolytes (Bloomberg Daybreak: Europe Edition)
Surprise Iran Attack On US, OpenAI Model Escapes Again, Spain's Buffet Acolytes (Bloomberg Daybreak: Europe Edition)
Boeing Beats on Cash Flow, Books New Charge on Air Force One (Bloomberg Intelligence)
Markets Ready for Fed and Tech Earnings (Bloomberg Surveillance)
Bloomberg Surveillance TV July 28th, 2026 (Bloomberg Surveillance)
China and the Iran War Oil Shock That Wasn't (ChinaTalk)
Muwaffaq Salti in the wound (Geopolitical Dispatch)
Luke Gromen Yield Curve Control is the Only Way to Stop a Global Bond Crisis (Monetary Matters with Jack Farley)
When the Chips Are Down (Paul Krugman)
Why The Nasdaq Just Hit Correction Territory (Prof G Markets)
Chinese AI Is Spooking Silicon Valley (The Journal.)
Fed in July A Weaker Case for Hiking (Thoughts on the Market)
IL51 Why Most Recessions Are Completely Misunderstood ft. Tyler Goodspeed (Top Traders Unplugged)
How should I be positioned with Dan Ivascyn (PIMCO) and Jason Draho (UBS CIO) (UBS On-Air: Market Moves)
UBS On-Air Paul Donovan Daily Audio 'Precious opinions' (UBS On-Air: Market Moves)
CIO Fixed Income Roundtable Podcast Series - 3Q26 update and outlook (UBS On-Air: Market Moves)
The return of monetarism (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.