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 494 was produced on August 21st, 2025.

I'm Eric Townsend.

Rabobanks Michael Evry returns as this week's feature interview guest.

We'll discuss everything from what Trump and Bessent are really trying to achieve,

to prospective next Fed shares, to U.S. European Union relations, to precious metals, and much more.

And I'm Patrick Seresn with the macro scoreboard week over week as of the close of Wednesday,

August 20th, 2025. The S&P 500 index down 108 basis points trading at 6396. While the bull trend

remains intact, we are starting to see some exhaustion in the price action.

We'll take a closer look at that chart and the key technical levels to watch in the postgame segment.

The US dollar index up 44 basis points, trading at 9822, definitely has found its new fair value zone.

The October WTI crude oil contract up 10 basis points, trading at 6271.

The downtrend is intact, but the puzzle is solved is will we see a short-term drop back

below the $60 level in the weeks to come.

The October R. Bob Gasoline up 262 basis points to 196. The December

gold contract down 59 basis points training at 3388. A four-month trade range continues to contain

all of the price action. The September copper contract down 133 basis points to 444, uranium up 97 basis points

training at 7320, and the U.S. 10-year treasury yield up five basis points, training at 429.

The key news to watch this week is Friday's speech by Fed Chair Powell at the Jackson Hole Symposium,

and next week we have the U.S. preliminary GDP, the core PCE price index, and the much-anticipated

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