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 499 was produced on September 25th, 2025. I'm Eric Townsend. Our countdown to

episode 500 continues with Forest for the Trees founder Luke Gromond, claiming the silver medal

as our number two most popular macro guest ever. And trust me, folks, Luke won't disappoint in

this interview. I think it's his best yet, and there will be

no shortage of frank talk about how extraordinary and unprecedented some recent news events

that most people didn't even notice truly were. And of course, we'll discuss what it will

mean for markets, from gold to Bitcoin to stocks. And, of course, no Luke Groman

interview would be complete without an update on Luke's outlook for the U.S. dollar.

Then stay tuned for our new postgame trade of the week, when Patrick will translate Luke's

financial repression thesis into an actionable trade. If we're really moving from the gradually to the suddenly

phase, as Luke alluded, this setup could have a lot more room to run. And I'm Patrick Serresna

with the macro scoreboard week over week as of the close of Wednesday, September 24th,

2025. The S&P 500 index up 56 basis points trading at 6637.

The market pressed to an old time high, but now fading over the last couple of days.

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

The US dollar index up 81 basis points to 9780 off of a retest of the July lows but the key technical

levels to watch is if the Dixie can break and hold above that 98 level the November WTI crude oil

up 143 basis points to 6443 last week retested the summer support lines and now this week turned higher,

begging the question as to whether we'll see a new bull breakout. The November Arbob

...