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 496 was produced on September 4th, 2025.

I'm Eric Townsend.

The week after Labor Day has been called the most important week in markets

when the senior traders are back on the desk from the Hamptons,

and new market trends sometimes emerge.

And Macro Voices is diving into the financial high season

with our countdown of the top five regular guests ever to appear on Macro Voices, starting with Bianco Research founder Jim Bianco, who returns as this week's feature interview guest.

Jim and I will discuss whether a Fed rate cut is even a good idea.

Inflation risks, the unobvious relationship between the jobs report and the southern border,

why cutting short-term rates could actually shock long-term yields higher and much, much more.

We're also going to experiment with a show format change.

Starting this week, after the feature interview, Patrick will be presenting

the Big Picture Trading Trade of the Week. Wherever practical, this will be a trade designed by Patrick

and the Big Picture Trading Team to express the views expressed by the feature interview guest

in the feature interview. So be sure to stay tuned for that new segment right after my

interview with Jim Bianco. And I'm Patrick Suresna with the macro scoreboard week over week as of the

close of Wednesday, September 3rd, 2025. The S&P 500 index up 81 basis points trading at 6448. The market

price action is getting heavy right before the much

anticipated jobs numbers. We will take a closer look at that chart and the key technical

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