MacroVoices #481 Jim Bianco: This is The End of The Beginning

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 22 May 2025

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

MacroVoices Erik Townsend & Patrick Ceresna welcome, Jim Bianco. They’ll discuss why Jim believes we’re at the “end of the beginning” — a phrase he uses to describe the evolution of Trump-era economic policies. While the initial phase, dominated by tariff strategies, may be winding down, Jim warns that this is just the opening act. https://bit.ly/3Zw8Bip 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/43rhaMz ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://bit.ly/4d1fcag 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik's Substack: https://eriktownsend.substack.com/ 🔴 Check out Energy Transition Crisis on YouTube: https://www.youtube.com/@EnergyTransitionCrisis1 Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials

Transcript

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0:00.0	This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.
0:18.9	Macrovoices is all about the brightest minds in the world of finance
0:22.6	and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are
0:29.0	your hosts, Eric Townsend and Patrick Suresna.
0:36.0	Macrovoices episode 481 was produced on May 22nd, 2025. I'm Eric Townsend.
0:42.9	Bianco Research founder Jim Bianco returns as this week's feature interview guest, and Jim says we're at the end of the beginning, meaning that the age of Trump policies stressing markets in new and different ways has only just begun.
0:56.9	But the first inning in that game, which was all about tariff policy, is probably nearing its end.
1:03.1	But we should only expect it to be a matter of time before the next big Trump policy bombshell hits the tape.
1:10.0	And I'm Patrick Suresna with the macro scoreboard week over week as of the close of Wednesday,
1:15.1	May 21st, 2025.
1:17.5	The S&P 500 index down 81 basis points, trading at 5844.
1:23.4	After a trough to peak 60-day, 16% rally, the markets are taking a breather.
1:29.8	We'll take a closer look at that chart and the key technical levels to watch in the post-game segment.
1:35.1	The U.S. dollar index down 217 basis points training at 9968, the dollar weakening back toward its 52-week lows. The July WTI crude oil contract
1:47.9	down 250 basis points, trading at 6157, twice now rejecting key resistance. The key new oil
1:55.9	trade range continues to prevail. The July Arbob gasoline down 141 basis points, trading at
2:03.5	210 a gallon. The June gold contract up 392 basis points, trading at 3313. The primary bull trend
2:12.2	remains intact, but do the bulls have enough gas in the tank for a new bull advance?
2:25.0	The July copper contract up 43 basis points, trading at 467, uranium down 84 basis points,
2:32.2	trading at 7095, and the U.S. 10-year treasury yield up six basis points, trading at 460. This is a material breakout and yields now targeting January highs.
2:36.8	The key news to watch next week, we have the FOMC meeting minutes, the preliminary GDP,
2:43.7	and the core PCE price index. This week's feature interview guest is Biancoe Research
	...

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