This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance

and macroeconomics telling it like it is bullish or bearish no holds barred now here are

your hosts Eric Townsend and Patrick Suresna macrovoices episode 490 was produced on July 24, 2025.

I'm Eric Townsend.

We've been inundated for months now with listener requests to bring Dr. Pippa Melmgren

back for an update on how evolving presidential political agendas will affect macro markets.

We had Pippa booked months ago, but then her father passed away just days before her scheduled

interview, and she understandably asked us to give her some time and space to cope with her loss.

So we're honored to dedicate this episode of macrovoices to the memory of Dr. Harold Malmgren, who I was honored to interview

way back in Macrovoices episode 39 on November 10th of 2016. And put your seatbelts on, folks,

because PIPA's on fire in this week's feature interview, with predictions on topics ranging from stable coins

to reserve currency status of the dollar, to the coming evolution to the seventh party system,

to the other stuff that you haven't heard about yet that Jeffrey Epstein was into,

completely aside from his sex trafficking allegations.

All of that's coming up in the feature interview.

And I'm Patrick Sresna with the macro scoreboard week over week as of the close of Wednesday, July 24th,

2025. The S&P 500 index up 153 basis points trading at 63.59. The primary bull trend relentlessly pushing higher. Where and when

will that momentum run dry? We'll take a closer look at that chart and the key technical levels to

watch in the postgame segment. The US dollar index down 109 basis points training at 9721. It's back down to year lows, but will we see

that fresh breakdown to another leg lower? The September WTI crude oil contract down 170 basis

points, trading at 75 and a quarter, trading back down to its 30-day lows along a key support line.

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