Trust the Process!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Scott Bessent really said “trust the process.”

Bub, do you know the process? It's the Philadelphia 76ers deliberately being the worst team in basketball for half a decade. Pick a better sports metaphor. Anyway, here’s a conspiracy theory nobody on Wall Street will touch - - - - - The Fed isn’t hiking because of inflation - actual inflation is coming down. It’s hiking because economic agents have started expecting American incoherence as a permanent condition, and that’s the macroeconomic AIDS. They’re targeting oil prices. They’re targeting the war. Also: France might just be Illinois, and why Marine Le Pen in power is better for France than Marine Le Pen in opposition.

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Timestamps:

(00:00) - Show Intro

(00:31) - Hegseth Basketball Challenge

(02:09) - Trust the Process Joke

(07:25) - Bond Market Basics

(14:26) - Is the Economy Really Hot

(19:46) - Debt Service and Thin Ice

(25:54) - Fed Conspiracy Theory

(38:58) - Fed Tool Too Blunt