Ten31 Timestamp: Mr. Warsh, I Don't Feel So Good

May 18, 2026

AI Summary

5 min read

The episode covers a mix of last week's US-China leadership meetings, sharp moves in global bond markets, fresh inflation data, ongoing debates over Federal Reserve policy, and signs of Bitcoin adoption in adversarial trade routes.

US-China Meetings Yield Limited Clarity

American CEOs, including Nvidia's Jensen Huang, joined administration officials in Beijing for high-level talks with Chinese counterparts. Discussions touched on Taiwan in unusually direct terms and included vague pledges that China would "open wider" to US businesses. Participants described the outcome as a holding pattern, with few concrete agreements emerging beyond continued posturing on both sides. The meetings coincided with separate reports that China might help mediate progress on Iran, though those steps also remained unspecified. Observers noted the gap between public rhetoric and any measurable results.

Bond Markets Signal Rising Pressure

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Listen to Audio Summary Open in App

What you'll learn

1 (00:00) **US-China leadership meetings recap** - Overview of the recent trip by US CEOs and officials to meet with Xi Jinping and discuss Taiwan, trade, and cooperation
2 (02:47) **Bond market stress and rising yields** - Sharp moves in US Treasuries, Japanese bonds, and UK gilts during the same week as the China meetings
3 (04:49) **Hot inflation prints drive market reaction** - CPI and PPI both come in well above expectations, including core measures
4 (05:43) **Fed narrative on transitory inflation and AI productivity** - Secretary Bessent and Kevin Warsh push the view that AI will create a disinflationary boom
5 (07:10) **Real economy reacceleration signals** - Charts from Cisco and Intel cited as evidence of domestic industrial momentum
6 (08:32) **Fading the market’s rate-hike fears** - View that the US will not sacrifice AI leadership or geopolitical position to fight inflation aggressively
7 (09:50) **Energy and agricultural supply shocks** - 40% cut in Iranian oil supply to independent refiners and sulfur/fertilizer impacts

+ Full timestamped outline available in the app

Show Notes

While US and Chinese leaders exchanged niceties in Beijing, bond markets were selling off hard. Thirty-year Treasury yields hit their highest level since 2007, inflation prints came in hot, and the Strait of Hormuz started looking like a live test of Bitcoin as money for enemies.

🔗 https://bitcoinproducts.com

In this episode:

US-China summit theater and what was actually accomplished

Global bond yields hitting highs not seen since 2007

Hot CPI and PPI prints versus the AI productivity narrative

Treasury repo "dirty tricks" and lending against its own debt

Strait of Hormuz fallout: motor oil, sulfur, fertilizer, and helium

Iran's IRGC demanding Bitcoin for passage insurance

TIMESTAMPS:

00:00:00 - US-China summit and CEO theater

00:01:06 - Beijing's holding pattern

00:02:11 - Bond markets send the real signal