Treasury Secretary Scott Bessent wants long term yields lower, while Fed Chair Kevin Warsh has argued that markets should do more of the work. That tension is becoming one of the biggest stories for investors.

In this episode of The Financial Exchange, Chuck Zodda and Mike Armstrong discuss the renewed U.S.-Canada trade dispute, Bessent’s warning of an “economic D-Day” for Iran, and whether China and India may determine if tougher sanctions actually work. They also examine whether the Treasury could use its general account to fund bond buybacks, why that may only delay the borrowing problem, and what Warsh needs to address at Jackson Hole as markets weigh the Fed, inflation, gold, and long term rates.

The national debt has crossed $40 trillion, but Chuck Zodda and Mike Armstrong argue that the usual panic over deficits, bond vigilantes, and the dollar losing reserve currency status often ignores how markets actually work.

Chuck and Mike discuss why higher Treasury yields are not automatically explained by the deficit, why investors should be careful about predictions of the dollar’s demise, and why Social Security, Medicare, interest, and defense remain the real federal spending challenges. They also cover rising diesel prices, Anthropic’s potential record setting IPO, concerns over super voting shares, and how a large 401k balance can create future tax planning issues. Plus, Paul LaMonica of Barron’s joins the show to explain why Chinese IPOs are surging, how government priorities are shaping investor interest in robotics and AI chips, and why political risk remains a major concern for Chinese stocks.

Treasury Secretary Scott Bessent’s effort to push down long term yields has already been challenged by the bond market, raising questions about whether talk and limited buybacks will be enough.

Chuck Zodda and Mike Armstrong explain why the Treasury’s buyback announcement has failed to meaningfully lower long term rates, why the Fed and Treasury appear to be sending different messages, and why Kevin Warsh’s upcoming Jackson Hole speech could be a major test for markets. They also discuss why Treasury yields affect mortgages, corporate borrowing, savings rates, and stocks. Plus, they cover retail earnings, pressure on consumers from gas prices, rising healthcare costs, and why ghost job postings may frustrate job seekers without requiring government intervention.

AI spending has powered markets higher, but the next two years could determine whether the boom turns into lasting profits or becomes another bubble that investors were too willing to chase.

Chuck Zodda and Mike Armstrong discuss Bill Dudley’s warning that the stock market bubble could burst before the end of 2027, why hyperscalers may struggle to generate enough revenue to justify trillions in AI investment, and why OpenAI’s rising revenue has not yet solved its widening loss problem. They also break down the growing conflict between Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh over long term yields, why Treasury buybacks could complicate the Fed’s next decision, and why investors are watching gold, the dollar, and bond yields so closely. Plus, they cover personalized pricing, the $20 burrito debate, Blue Apron’s struggles, and Costco’s move into Medicare plans.

Walmart shares fell sharply after the retail giant posted slower same store sales growth, raising questions about whether investors have been pricing the company for more growth than it can deliver.

Chuck Zodda and Mike Armstrong discuss why Walmart’s earnings disappointed despite decent results, why the bond market remains in control of borrowing costs, and why Treasury efforts to push down long term yields may not be enough. They also explain how higher Treasury rates affect mortgages, business loans, and corporate borrowing. Plus, they break down why diesel prices and crack spreads could become a major inflation problem this fall, especially for shipping, farming, and home heating oil in the Northeast.

Gas prices are still elevated, but diesel is moving back toward all time highs, and that could put new pressure on shipping, food production, home heating oil, and the broader inflation picture.

Chuck Zodda and Marc Fandetti explain why diesel matters even for people who never fill up with it, how fall harvest season and holiday shipping could add to demand, and why home heating oil bills in New England may be sharply higher than last year. They also discuss the Treasury’s expanded long term bond buyback program, why it may be more of a temporary Band Aid than a real fix for rising yields, and what it signals about the government’s concern over long term borrowing costs. Plus, they cover Moderna’s promising mRNA cancer vaccine news, Target and Lowe’s earnings, millennials’ improving financial picture, and the privacy concerns around AI powered wearable devices.

The Treasury is increasing its long term bond buybacks, but Chuck Zodda and Marc Fandetti argue the move does little to address the deeper forces pushing global yields higher.

Chuck and Marc explain why the Treasury’s buyback plan is more important as a signal than as a market moving tool, how swapping long term debt for short term borrowing could worsen the fiscal picture, and why investors may respond by moving toward hard assets like gold. They also discuss whether the move conflicts with Kevin Warsh’s less interventionist approach at the Fed, how it could affect the bond market’s ability to price inflation risk, and why long term borrowing costs matter for housing, corporate investment, and the broader economy. Plus, Todd Lutsky joins for Ask Todd to explain how irrevocable Medicaid trusts can help with estate taxes, probate, and long term care planning.

The 2026 DAV 5K Boston sold out 82 days before race day, marking the event’s sixth consecutive sellout and highlighting the community’s commitment to honoring and supporting veterans.

Dan Stack, CEO of the Disabled American Veterans Department of Massachusetts, joins Mike Armstrong to explain what makes the November 7 event at Castle Island so special. They discuss the hundreds of veterans participating, the Howitzers and Boston fire boat, the Heroes on the Hill tribute, and the DAV programs that help veterans with benefit claims, transportation to medical appointments, housing, and other essential services. Dan also shares details about the Applied Underwriters Invitational golf tournament at Granite Links.

Stocks have delivered exceptional returns despite a pandemic, inflation, wars, banking stress, rising rates, and repeated recession fears. But high valuations and the enormous expectations surrounding AI mean the next several years may look very different.

Mike Armstrong and Marc Fandetti discuss why long term investors have historically been rewarded for staying invested, how retirement does not automatically eliminate a decades long investment horizon, and why becoming too conservative can leave a portfolio vulnerable to inflation. They also examine how rising Treasury yields worsen the government’s debt problem, why bondholders may ultimately be repaid in dollars with less purchasing power, and what could threaten the dollar’s reserve currency advantage. Plus, Dan Stack explains why the DAV 5K Boston sold out months in advance, and the show covers falling auto insurance premiums, rising sugar prices, GLP 1 restaurant menus, and why lower airline fares may not be coming anytime soon.