Market Outlook - The market is currently experiencing upward movement, but there are concerns about whether this trend can be sustained, with expectations of a potential increase of plus or minus 10% over the next year [4] - The Federal Reserve is anticipated to cut interest rates, leading to a steepening of the yield curve, which may result in limited forward momentum in equities [5] AI Investment Narrative - The market's behavior is largely influenced by the AI investment narrative, focusing on the long-term productivity enhancements and potential growth that AI can bring to the economy [2][3] - The real question surrounding AI is how companies will leverage it to reimagine processes and improve productivity, rather than merely supporting AI initiatives [6][7] Economic Implications - There is a potential for a productivity boom driven by AI, which could address issues such as budget deficits and workforce declines through improved labor quality [8] - However, there are concerns about rising youth unemployment, which could mirror historical trends seen during technological advancements [9] Labor Market and Education - The potential for AI to enhance labor quality through better educational outcomes is viewed positively, suggesting that the next generation may be more adept at utilizing advanced tools [10][11] - The current labor market dynamics may lead to challenges, but there is optimism about the capabilities of younger workers entering the job market [11] Bond Market Dynamics - Despite concerns regarding the independence of the Federal Reserve and political chaos, the bond market has not reacted as negatively as expected, indicating a possible overreaction from market participants [13][16] - The budget deficit remains a significant issue, but it appears to be largely overlooked by the market, which may lead to future complications [16]

Gold Market Dynamics - Central bank buying, especially from China, continues to be a tailwind for gold, as they diversify away from the dollar [1] - US and Western investor concerns about the ballooning twin deficits (budget and trade) are adding to the gold rally [2] - Rate cuts may spark an upside move in silver, viewed as gold's little cousin, which tends to outperform gold in long bull markets [7] Agnico Eagle Mines Analysis - Agnico Eagle Mines is a top pick due to its ability to deliver on guidance and execute well on projects, ideally outperforming the gold price by a ratio of 2 to 1 [3] - Agnico Eagle Mines has good growth for its size, with a market cap of $70 billion, low cost, enormous exploration upside, and a suite of perspective projects [4] Platinum Market Insights - Limited supply from South Africa and potentially limited access to Russian supplies are driving interest in platinum [5] - Demand in China is potentially accelerating for platinum, possibly for jewelry buying and investments into hydrogen infrastructure [5]

Financial Strategy - Saudi Arabia plans to issue more international bonds to address a budget deficit [1] - The deficit is attributed to decreased oil prices and substantial government spending on economic diversification [1]

Financial Performance - Chicago Public Schools rely heavily on property taxes, typically received in two installments around March and August [1] - A computer glitch has delayed the issuance of property tax bills, potentially delaying the receipt of critical cash flow for weeks or even months, possibly until October [2] - The school district faces a $734 million budget deficit for fiscal year 2026 [4] - Tax anticipation notes are used as a short-term borrowing mechanism to bridge the gap until tax revenues are received [4] - The school district's short-term borrowings have been increasing in recent years due to cash flow pressures [4] Budget and Expenditure - The school district is currently in negotiations and has presented a budget proposal for fiscal year 2026, which began on July 1st [3][4] - The school board is expected to vote on the budget on August 28th [4] - The school district may need to cut costs due to the delayed tax revenue [3]

Hey, thanks Scott. Uh we've got the former uh Treasury Secretary here, Steve Minutuchin, of course, the founder and managing partner of Liberty uh Strategic Capital as well. It's nice to see you, sir.We got a lot of lot of former Treasury Secretaries. Hank Pollson's here, Tim Gner's here, Larry Summers is here. You're here.Bob Rubin, Janet Yellen. Who am I missing. It's big turnout.Um here's what I want to talk about. Uh tariffs. We talked to the president of the United States this morning on tariffs uh on ...

Romania’s government survived a no-confidence motion on Monday, clearing the way for a sweeping austerity plan aimed at scaling back a budget deficit that’s become the widest in the European Union. https://t.co/MdyBbBB9tq ...

boosting the richest by $12,000 a year. Joining us right now is Phil Swagel. He's the director of the Congressional Budget Office.And Phil, let's talk through some of the criticism you've received. Russ Vought said on X that this bill reduces deficits by $1.4% trillion. When you adjust for the CBO's one big gimmick, not using a realistic current policy baseline.Caroline Leavitt said that the CBO assumes long term GDP growth of an anemic 1.8%. And that's absurd. And then you had President Trump himself sayin ...