Bessent Twists Markets

Show from 2026-08-21 Professor Jeremy Siegel joins Jeremy Schwartz to discuss Treasury Secretary Scott Bessent’s efforts to influence the yield curve, the implications for Fed credibility, and the market’s reaction across bonds, crypto, gold, and the dollar. Siegel also previews Jackson Hole, arguing investors need more clarity on Chair Kevin Warsh’s reaction function, while noting that rising commodity prices and continued money-supply growth could strengthen the case for higher rates later in the year. He also weighs geopolitical risks surrounding Iran, China, oil flows, and the Strait of Hormuz. (14:12) After Siegel leaves, Sam Rines and Chris Gannatti join Schwartz for a broader discussion spanning consumers, technology, and global markets. Rines assesses Walmart, Target, Ross Stores, and Redbook data, concluding that consumer spending remains resilient despite mixed retail earnings. The group explores AI-driven drug discovery, Moderna’s cancer-treatment developments, humanoid robotics, drones, and the growing overlap between defense technology and commercial applications. They also examine opportunities in Europe and Japan, renewed momentum in crypto and gold, the impact of a weaker dollar, China’s AI ecosystem, and NVIDIA’s expanding role in financing AI infrastructure. Gannatti closes with developments in quantum computing, including sensing, navigation, cybersecurity, and emerging commercial applications. WisdomTree: https://www.wisdomtree.com/investments