In this episode of The Wrap, Chris Whalen breaks down what he calls one of the most significant weeks in Fed history — Powell's final press conference as chairman, his decision to stay on as a Fed governor to block Trump from a second appointment, and what it means for Kevin Warsh walking into a hostile committee with the most dissenting votes since 1992. Chris explains why the Fed has been "the key engine of progressive socialism in Washington" since 1935, what a Warsh-led Fed actually looks like in practice, and why the Trump White House missed a political layup by not hanging "the burning tire of home price affordability" around Powell's neck. Plus: why sulfur — not oil — is the one word that sums up the biggest threat to the global economy right now, what China's sulfuric acid export ban means for copper, silver, and inflation, and why distressed real estate is "the next trade."

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Links:

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

The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira840

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

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

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Timestamps:

0:00 Welcome & intro — what a week it was

2:05 Powell staying as fed governor

5:08 Warsh — "a hawk on inflation but a supply sider"

7:15 Powell's warning about regional Fed presidents

8:10 What can we expect from a Warsh-led Fed?

11:30 "The burning tire they should have hung around Powell's neck"

12:25 "What would be the message?" — Chris on political messaging and affordability

14:44 What change is Chris most looking forward to at the Fed?

16:41 Inflation is accelerating

17:28 Sulfur — the one word that sums up the global economic threat

20:17 What is Chris doing with his precious metals right now?

21:17 US equity markets hitting record highs — what does Chris make of it? 24:30 Distressed real estate is "the next trade"

29:40 One year anniversary of Inflated — reflection and what's come to fruition

34:32 What is Chris watching next week?