What you'll learn

• 1 (00:52) **Fed Holds Rates Steady Amid Dissent** - The Federal Reserve voted 9-3 to hold rates at 3.5%-3.75%, with three regional presidents dissenting and voting for a quarter-point hike, the first such dissent since September 2016.
• 2 (03:32) **The New Fed Playbook: Uncertainty Over Guidance** - Warsh's lack of transparency marks a regime change from the Powell era, where forward guidance was the norm, and this uncertainty is driving long-term bond yields higher.
• 3 (04:52) **Q2 GDP Misses Big, But Private Demand Accelerates** - The Bureau of Economic Analysis reported Q2 GDP growth of just 1.5%, well below the 2.1% expected by Wall Street, while consumer spending actually accelerated.
• 4 (07:07) **Navigating the Two-Speed Economy** - The economy is split between a booming AI-powered private sector and a government that is cutting spending, with energy as the wild card.
• 5 (09:12) **Big Tech Earnings: The Capex Reckoning Begins** - Wall Street is starting to scrutinize the widening gap between AI revenue growth and the massive capital expenditures, with Meta, Alphabet, and Tesla getting punished.
• 6 (13:33) **The Single Most Important Investment Question of 2026** - The market is now separating winners from spenders, asking whether AI spending is a wealth-creating cycle or a capital-destroying arms race.
• 7 (17:26) **Taking Profits and Rotating Capital** - The hosts discuss their personal strategy of taking profits from overheated semiconductor stocks and moving into equal-weight ETFs like RSP to reduce tech concentration.

+ Full timestamped outline available in the app