#367 Chris Whalen: "No Rate Cuts For a While" — Warsh's Fed Earthquake, Silver Shortage, and Why Inflation Is Here to Stay
About this episode
Chris Whalen discusses the implications of Warsh's arrival at the Fed, the outlook for interest rates, and various economic challenges including inflation and silver shortages.
Warsh's arrival at the Fed actually means in practice — significant personnel changes, new models, and what Chris calls nothing short of an "earthquake at the central bank." Chris explains why there will be no rate cuts for a while, why the Fed balance sheet is growing again despite Warsh wanting to shrink it, and the one-to-one relationship between the balance sheet and public debt that most people aren't talking about. Plus: silver is in physical shortage and can't be delivered in parts of Asia, private credit is getting quiet as the bad headlines pile up, AMD is Chris's AI play of choice, and why the Iran war means "traumatic shortages by June" even if a deal were struck tomorrow. Chris also answers viewer questions on Warsh shrinking the balance sheet, gold under a tightening regime, the PennyMac LIBOR lawsuit, and Annaly Capital earnings. And Julia closes on her first house. Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap or call 855-573-0817 Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira842 Inflated book (2nd…
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