Why Bonds Still Suck | Aahan Menon of Prometheus Macro on Immigration’s Impact on Lower Job Numbers, Technology CapEx, Business Expansion, Manufacturing Green Shoots, and More

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Take the Monetary Matters poll:  https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025. Follow Aahan Menon on X https://x.com/AahanPrometheus Follow Prometheus Macro on X https://x.com/prometheusmacro Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez