Intro
David Westin's magazine hour runs three stories. Special correspondent Chrystia Freeland asks two former finance ministers what bringing spending back down after COVID cost them personally; DWS Group's David Bianco explains why real yields sit at levels last seen before the financial crisis and why he wants the Treasury out of the long bond; Michael McKee revisits Teton County, Wyoming, the week the central bankers arrive; and a closing segment follows YouTube filmmakers into the theatrical box office and free ad-supported television.
Host: David Westin
Also on: Chrystia Freeland, Wall Street Week special correspondent; Robin Brooks, senior fellow at the Brookings Institution; Sigrid Kaag, former finance minister of the Netherlands; Christian Lindner, former German finance minister; David Bianco, chief investment officer for the Americas at DWS Group; Michael McKee, Bloomberg; Jonathan Schechter, Jackson town council; Philip Wilson, Jackson Hole Rodeo; Kate Moore, Citi Private Bank; Brendan Spackman, real estate agent; Alex Kister, YouTube filmmaker; Alan d'Escragnolle, FilmHub; Abhijay Prakash, Blumhouse Atomic Monster; Lisa Holm, Roku
Published: 28 August 2026 on Wall Street Week
Listen on Omny | 48 min
Key Takeaways
Every G7 country but two now spends more on debt interest than on defense
Freeland names the two: Canada, where she was finance minister, and Germany
Westin opens on U.S. public debt crossing the $40 trillion mark last week
The three finance ministers who brought spending back down are all out of the job
Kaag, Lindner and Freeland herself; all three say they would do it again
Fiscal space is an asset to be preserved, not an invitation to spend
"Too often fiscal space is misunderstood as a kind of invitation. But it is not." — Christian Lindner
Germany's AAA rating is safe for months and at strong risk by the end of the decade
Lindner also says the bond market has already changed its treatment of German debt
The deficit, not inflation or growth, is what has pushed real yields to 25-year highs
"The main reason that real interest rates are so high is secular in nature, and it is the deficit." — David Bianco
Bianco wants the shape of the curve left to the Fed, not the Treasury
He admires Bessent's 3-3-3 target and says this particular idea will not work
Tech is the sector least at risk from higher yields, because the debate there is about returns
"We're not debating the cost of capital around building these data centers. We're debating the return on capital." — David Bianco
The market is not sending the signal that would force Washington to act
Brooks expected the 10-year above 5% and the dollar under far more pressure after a year of policy volatility
Teton County passed Manhattan in the early 2000s and has pulled away since
McKee: average per capita income of about half a million dollars, and New York has fallen to fourth
Wyoming's tax regime explains the state, not the valley
Every other Wyoming county gets the same treatment and sits near the national average
Jackson is first in per capita income and first in income disparity
Schechter: roughly 15% of the community earns about 90% of the income
YouTube filmmakers have put three films into theaters this year
Horror is doing the heavy lifting: more than 15% of domestic ticket sales last year, over $800 million so far this year
Free ad-supported TV is growing on subscription fatigue and half-attention viewing
Roku programs against YouTube as well as the studios, MrBeast included
$40 Trillion, and a G7 Spending More on Interest Than Defense
U.S. public debt crossed the $40 trillion mark last week, and Westin frames the hour around the choice between paying sooner and paying far more later
Westin's other openers: it has become the summer of the long bond, with Treasury Secretary Bessent stepping in to try to keep rising yields in check, and Kevin Warsh giving his first Jackson Hole address as Fed Chair
Freeland's framing statistic: every G7 country but two now spends more paying interest on its national debt than it spends on defense
She names both later — Canada, where she was finance minister during and after COVID, and Germany
Robin Brooks of the Brookings Institution says the borrowing was synchronized in a way it never had been before
"We've never had a synchronized debt binge the way that we had in 2020 and 2021." — Robin Brooks
"After deficit spending, you've got to rein the deficits back in. That's the step that's not happening."
Brooks' counter-example is the small, well-managed economy: "take Switzerland or Sweden, these places have debt to GDP around 30, 40% of GDP. They are the safe havens of choice for global markets"
Lindner's line from the cold open sets the segment up: "It's the bond market that has now taken over as the anchor, the great limitation."
How the Netherlands Brought Its Spending Back Down
Sigrid Kaag became finance minister of the Netherlands in 2022 and was one of the people who brought government spending back down after the pandemic
The hard part was not the cuts, it was getting the country to accept the idea of cuts
"That was as if I was violating the church, the synagogue, and the mosque all in one." — Sigrid Kaag
The line held against her, she says, by the parties further to her left: "we have to accept that collectively, due to our current expenditure patterns, we'll collectively become a little bit poorer"
Freeland's comparison: Dutch debt is around 40% of GDP, a level she says most economists would consider very manageable, against about 120% of GDP in the U.S.
Kaag gives two reasons it mattered. One is cultural — the Netherlands is a Calvinist country, and frugality and stewardship come with that
The second is arithmetic: "If it's your household budget too, you can't keep spending and be surprised you've got nothing left."
Kaag came at fiscal responsibility from the left, not the right. Freeland's summary: a responsible budget meant more money later for education, the green transition and social infrastructure
The first cut was the expensive one: "We reduced our expenditure marginally, and the marginal cut was harder than actually the bigger cuts that followed because it was breaking a trend."
Germany, and Fiscal Space as an Asset Rather Than an Invitation
Christian Lindner was the man in charge of getting Germany's finances back on track after the COVID-era spending boom, in an economy Freeland puts at around 60% of GDP in national debt
"public finances are not ruined in times of crises. They are ruined if we fail to exit the crisis management efforts" — Christian Lindner
The temptation he describes is specific to cheap money: when public debt has no visible price, he says, you can hardly explain to cabinet colleagues or to the public why spending should stop
"Too often fiscal space is misunderstood as a kind of invitation. But it is not. Fiscal space, in my view, is an asset we have to preserve to deal with crises."
Three Finance Ministers Who Did It, and None of Them Still Has the Job
Freeland's own point about the segment: she, Kaag and Lindner all brought their countries' debts back under control after the pandemic, and not one of them is still a finance minister today
Kaag says the price came at several levels, one of them gendered: "progressive women leaders are given a cut less slack. That's just a fact."
She does not regret it, and points to Dutch debt and deficit levels among the lowest in Europe, a sustained triple-A rating, and investment preserved in climate and education
Lindner would do it again, and adds that in his situation there was legally no alternative — the new government changed the basic law afterward, but that was not the position he was in
Freeland relays Jean-Claude Juncker's line — "we all know the right thing to do, we just don't know how to get elected after doing it" — and asks whether politicians are ever rewarded for fiscal responsibility
Lindner thinks they can be, credits Juncker with brilliant humor, and doubts the maxim holds in every case: people can be brought to support sound public finances, but you have to explain why
Kaag's version is blunter: "And ultimately be prepared to be voted out at the polls. And most politicians don't sign up for that."
Whether It Takes a Crisis
Freeland is not sold on the optimism of her two guests. She says the jury is still out, and that history suggests it often takes a market crisis to change a country's fiscal course
Lindner says the change is already visible in German bonds: "And right now, it is not likely that Germany will lose its AAA rating in the next couple of months. But by the end of the decade, there's a strong risk."
Asked directly whether it will take a crisis, Lindner says yes: "there is a strong past dependency in politics. And if you do not feel pressure, why change?"
Brooks expects it to get worse first: "I think things have to get worse before they get better. So we're cruising for a bruising here."
What he wants instead is politicians who tell it as it is — his one truth being that resources are finite and the ability to issue debt cheaply is finite
Why Real Yields Are at Their Highest in Nearly 25 Years
David Bianco is chief investment officer for the Americas at DWS Group, which Westin says has about $1 trillion in assets under management
Yields, and especially real yields, have reached some of the highest levels in nearly 25 years — since before the 2008-2009 financial crisis, and Bianco says the rise was gradual enough that people are only now turning around and asking what happened
He explicitly rejects the usual suspects as the main cause. Inflation above the Fed's target for more than five years matters, and so does future inflation uncertainty, but neither is the reason in his view
"The main reason that real interest rates are so high is secular in nature, and it is the deficit."
The mechanism is the funding, not just the shortfall: a deficit above 6% of GDP likely to stay that way for a long time, which now has to be funded more domestically
"We have a new world trade order. We buy less of China's things. They buy far less of our bonds."
Europe and Japan are no help, because they are running deficits too. Japan has inflation and will probably raise rates further
Bianco's line on Germany, relayed from colleagues at Deutsche Bank: "even the Germans are Keynesians now"
Why DWS Doesn't Want the Treasury Managing the Long End
Westin sets up the exchange with the irony he sees in it: after Warsh told people to pay attention to the ball, not the referee, the referee in the form of the Treasury Secretary jumped into the game with a move aimed at the long end
Bianco says he was thinking the same thing, and starts from admiration — an energized Treasury Secretary with a lot of great ideas and targets
His favorite is the 3-3-3: real GDP growth of 3%, the deficit down to 3% from over 6%, and more oil production. He calls those great ideas and ways to bring the problem under control
On the intervention itself he is flat: "But this particular idea, I don't like at all. I don't think it's gonna work."
"And it's inappropriate for the Treasury Department to do that when that's monetary policy, the Fed should be doing it."
The cost he sees is suspicion — talk of conspiracies, debasement, financial repression, investors asking what the government is up to, gold prices going up and money moving into inflation-protected assets, and a threat to the dollar
His conclusion returns Westin's metaphor: "Who's the main referee? It's still the Fed." Decisions about managing the shape of the curve, he says, are best left there
The Stock Market Isn't the Economy, and Tech Is Least at Risk From Yields
Westin's question is why equities appear unbothered by grinding yields, with huge earnings probably helping
"So the U.S. stock market, I've said for a whole career, is just not the same thing as the U.S. economy." — David Bianco
The fiscal problem is the economy's, not necessarily corporate America's, which he says is doing very well, especially the technology companies
Where it starts to bite is the bond substitutes. With the 10-year Treasury yield having got to 4.75%, staying in that range or going higher likely pushes investors out of staples, REITs and telecom and into bonds for a similar return
The offset is inflation protection, which equities provide and bonds do not
"I would say to you, I think the sector least at risk to underperforming owing to higher yields is actually tech."
"We're not debating the cost of capital around building these data centers. We're debating the return on capital."
A move of plus or minus 50 basis points in the cost of capital will not decide whether the spending is a good use of money, and he expects high single-digit returns on data center investments over time
Listen to the Bond Market
Westin raises Stan Druckenmiller's essay in the Wall Street Journal that week, introducing him as the Treasury Secretary's former mentor, and asks whether reserve-currency status removes any real discipline on U.S. borrowing
"Well, listen to the bond market, but also listen to Stan. He's Stan the man for a reason." Bianco says he agrees with essentially everything in the piece
His account of exorbitant privilege is about access rather than status: the dollar is the currency that gives access to Treasuries, U.S. real estate and U.S. equities, which is why the U.S. can borrow more at generally better rates than other countries
But he thinks the privilege is being tested at the wrong moment — a less cooperative world, real conflict and trade conflict, high deficits at home and abroad, and an inflation problem he hopes is mostly behind
"We shouldn't be interfering with price signals. And the price signal says, be careful."
Defying Gravity, and the Warning Signal That Never Arrives
Freeland's second passage with Kaag and Brooks turns to the country still defying economic gravity, and whether exorbitant privilege is sustainable
Kaag reaches for the phrase Europe used in the crisis: "we used in Europe the expression too big to fail. Well, I think that definitely applies to the US."
She declines to make a prediction, but says the debt levels worry her immensely, and that everyone is affected if it goes wrong because the dollar is the global reserve currency
Brooks is candid that the last year did not go the way he expected. Given the policy volatility, he would have thought the dollar under much more pressure — and "I would have thought that the 10-year yield would be way above 5%."
What he concludes is the opposite of comforting: U.S. safe haven status is more secure than he would have guessed, built over decades, so a crisis sends people toward Treasuries rather than away
"the signals to U.S. policymakers, who are supposed to be getting a signal to rein in fiscal policy and get the deficit under control, unfortunately, those signals aren't being sent from the market"
How Teton County Passed Manhattan
The show revisits Michael McKee's story on Jackson, Wyoming, the resort town in Teton County that becomes the most important place in the world for monetary policy for one week a year
Jonathan Schechter, who runs a think tank and sits on the Jackson town council, gives the local version of the wealth effect: "my home has doubled in value in the last three years, so my balance sheet is looking good, but my income certainly hasn't doubled in the last three years"
Schechter's history is geographic: a high, isolated mountain valley in the northwest corner of Wyoming — "It's been very hard to get here and very hard to get out of once you're here" — which turned from trapping to ranching to tourism as the isolation became the selling point
All of Grand Teton National Park and the southern half of Yellowstone sit inside the county
The ski area got started in the early 1960s with a federal government loan intended for the most impoverished areas in America, because the valley had nothing but a summer economy
"So we've really become a hub of remote work."
McKee's numbers: New York County led the country in wealth accumulation for decades, Teton County took the lead in the early 2000s, and New York has tumbled to fourth place since the pandemic
Average per capita income in Teton County today is about half a million dollars a year
About 97% of the land in the county is publicly owned, dedicated to parks and forests, which is McKee's first candidate for why the singular ecosystem and the singular economy go together
Schechter: "We also sit at the heart of the greatest intact ecosystem in the lower 48."
Low Taxes Explain Wyoming, Not Jackson Hole
Schechter on the tax regime: "we are hands down the most wealth friendly and income friendly and wealth preservation friendly state in the union. No other state comes close."
McKee lists the incentives — low property tax, low sales tax and zero income tax in Wyoming
But the tax argument does not survive the comparison McKee makes next. Every other county in Wyoming gets the same friendly treatment and their annual incomes are much closer to the national average
That leaves him looking for a third ingredient beyond the land and the taxes, which is what sends him to the locals
Cowboy Culture, and the Wall Street Arrivals
Philip Wilson is the great-grandson of Sylvester Wilson, the first settler to bring his family to the valley in the late 1800s; the town five miles west of Jackson still carries the family name, and Philip and his family run the Jackson Hole Rodeo
Wilson's account of the change is a sequence: cattle ranches, then a few dude ranches, then hotels, then tourists
"Everybody that comes to Jackson Hole immediately falls in love with it, wants a piece of it."
The rodeo's hospitality is deliberate. Wilson goes out into the parking area to welcome people in and shakes their hands when they leave, and his definition of cowboy culture is that a cowboy shakes your hand every time he sees you, including twice in a day
Kate Moore is the Wall Street version of the same migration. As chief investment officer for Citi Private Bank she still files her taxes in New York, where her work is based, so the low taxes are not her motivation
"I bought my house a little over seven years ago, so pre-COVID, which was excellent timing given the real estate prices." She had been coming out since a high school trip 30 years ago
She lives in a renovated cabin built in 1929
On splitting her time: she manages a global team that is never all in one place, and works East Coast market hours from Wyoming — "I'm up at four, which can be a little bit tough" — and says a lot of the finance people in town do the same
A $60 Million Listing on 36 Acres
"Our supply is limited here, but demand seems to go up every year." — Brendan Spackman, a local real estate agent with the listing for the most expensive property in the area
Asked whether he has an almost unlimited supply of buyers, Spackman says he does, and puts it down to timing in buyers' lives and what they want to do
The River House sits on 36 acres in Wilson, Wyoming — the town founded by Philip Wilson's great-grandfather — about 10 miles from downtown Jackson, and is listed at $60 million
Spackman on the tier below it: over 20 million, with a lot of properties in the 20 to 30 range
McKee's point is that the ultra-premium end drags everything with it. As it goes up, so does the rest, and some locals say the billionaires are pushing out the millionaires
Lower-income workers sometimes commute from across the border in Idaho
Number One in Income, Number One in Income Disparity
Schechter's disparity figures: roughly 15% of the community earns about 90% of the income, leaving about 10% of the income for the other 85%
"The Big Beautiful Bill disproportionately benefits the wealthy." — Jonathan Schechter, who says the cuts to social services and other programs will disproportionately harm those on lower incomes
His concern is framed locally — his constituents, friends, colleagues and neighbors — in the county with the greatest income disparity in America
The housing shortage shows up directly in Wilson's payroll. The rodeo would like 80 employees, is not up to where it needs to be, and makes do
"There's not enough people here in the valley that live here to work here, because most of them live outside of here."
Staff live 100 miles or 60 miles away, down in Star Valley, and the rodeo runs in the evening
What Jackson Is Trying Not to Lose
Moore's description of how wealth behaves in the valley is the segment's best line: "everyone drives the same F-150 and wears the same kind of jeans around town. It is a place where there is an enormous amount of wealth, but showing that wealth is not part of normal behavior"
She says she has incredibly close friends who are fishing guides and others who are self-made billionaires, and did not always know which was which
Schechter traces the community spirit to necessity — a potluck, church-social mentality that existed because there were too few people in a harsh place and they had to rely on each other
"We can't take for granted transmitting our cultural values from one generation to another." — Jonathan Schechter, who says the same is true of the ecosystem
McKee closes from the stands at a Friday night rodeo, on a valley whose residents will have to reconcile the values of capitalism with a culture born of cowboys and unforgiving landscapes
Five Years From a YouTube Upload to an Amblin Deal
Westin's setup for the last segment: an American film industry he puts at a $10 billion business, largely dominated by a handful of studios — the Warner Brothers and Universals and Disneys of this world — and new technologies making it possible for just about anyone to make movies
Alex Kister posted a video on YouTube five years ago that changed his life, and developed, filmed and released the supernatural horror series The Mandela Catalogue from a small Wisconsin neighborhood about 45 minutes northwest of Milwaukee
Kister's wall of achievements runs from the silver plaque at 100,000 subscribers to the million-subscriber plaque he got about a year and a half ago
"I never even imagined in a million years that I would get that number of followers on a project that I've been doing."
He has since signed a deal to develop a feature film with Amazon Studios and Steven Spielberg's Amblin Entertainment
An unnamed voice in the piece tells him what surprised her most: he uploaded that first video in June five years ago, just for fun and with no expectations, and it exploded almost overnight
YouTube's Scale, and an Industry That Noticed Late
The show's numbers on the platform: over 2.5 billion users worldwide, and nearly 14% of all U.S. television viewing according to Nielsen, more than any other single platform or service
Alan d'Escragnolle, chief executive of the online distribution platform FilmHub, says the industry is years behind its own story: "It is completely taking over the world. And the funny thing is, the industry just realizes that it happened over the last year. It happened five years ago. They just weren't paying attention."
His framing of the shift is about control: "it's up to the creative and the filmmaker to make that decision and choice to really own their own destiny", and he says the same thing is happening across every area of business
Abhijay Prakash of Blumhouse Atomic Monster puts it the same way from the studio side — "it's the dominant place that people watch video in the world" — and notes it is therefore also where people post their films
Horror Is Carrying the Original Theatrical Business
Westin counts no less than three theatrical hits this year directed by filmmakers who came directly out of YouTube
One of them is Obsession, made for $750,000
"Among them, Obsession, which cost $750,000 to make and earned 650 times its budget at the box office." — David Westin
Backrooms became the highest-grossing film in A24's history, and both films were produced by Prakash's Blumhouse Atomic Monster
Prakash says the box office is back in contention with pre-pandemic comparisons, and that "horror as a share of that box office has grown higher than it's ever been"
The show's figures: horror was the third largest genre last year at more than 15% of domestic ticket sales, and has grossed over $800 million so far this year
His argument for why horror holds the theater is that it has more room to do things differently, which makes it the most resilient genre for original storytelling
"Compelling them to leave their house requires having an experience or delivering on an experience or promising experience in the movie theater."
Westin's other two routes to the theater are repeat franchises, whose performance tends to fade with each installment, and the blockbuster — this year's Spider-Man and The Odyssey
Prakash will not draw the tidy conclusion: "IP and sequels and franchises are relevant and an important part of our business, but we have to make room for originals"
The Flood of New Titles, and What a Studio Is Still For
Westin's caveat on the YouTube-to-theaters story: the explosion in how much is being created means the vast majority of it never finds the audience Obsession or Backrooms did
"There's 400,000 new pieces of content created every year on IMDb alone." — Alan d'Escragnolle, who points out that excludes every YouTube video and everything on TikTok
His conclusion: "there's a massive inequality in the supply and the demand"
Westin asks whether there is still value in a studio executive with experience committing real money to something
d'Escragnolle says yes, without hedging: not every film is meant to be done on a low budget
"There's some films that require a big, massive creative swing, and you need to be willing to bet it." He draws the parallel to venture, where certain companies need billions of dollars
The change, in his telling, is that outsized hits without that funding are getting easier and easier
FAST, and Why Roku Wants MrBeast on the Service
Westin admits free ad-supported television — FAST — is relatively new to him, and asks where it came from
Lisa Holm, Roku's chief creative officer, says it is not new at all: "if you've been watching broadcast television, that's another version of free ad-supported television that's been around for almost 100 years"
The snappy name, she says, describes the digital delivery of a linear programming feed on streaming devices
"And it allows consumers to watch the way they've always watched, which is to turn on the TV and see what's on."
Roku's programming decisions now reach past the studios: "if people are watching MrBeast, we should probably have some of MrBeast on Roku as well"
Holm gives two reasons FAST is growing. One is price — "there are so many subscription services and those subscription services keep raising their prices"
The other is attention. Of five hours a day, she says, a viewer might spend one on really great scripted drama, but sometimes needs it to be fine if their mind wanders for five minutes
Revenue Share, and How Much of This Is Luck
d'Escragnolle's summary of how platforms pay: advertising platforms pay a percentage of ad sales, and subscription services pay either a fixed fee up front or a percentage of subscription revenue
FilmHub takes "somewhere between 20 and 30%" of whatever revenue it receives
Holm says revenue share is a hallmark of the FAST ecosystem, and describes it as all boats rising: "the more engagement that happens on it, the more the content owner makes and the more that Roku makes"
"It's a more perfect economics for everyone in the business. What succeeds makes money. What doesn't succeed doesn't make money." — Alan d'Escragnolle
Prakash's warning against reading the hits backward: "We're talking about these movies because they worked and they hit."
There are hundreds of others made for comparable or low costs that do not hit, and he says looking at the return and deciding to just do that is not that simple to execute
Kister names two barriers for filmmakers on YouTube. One is fear — "a lot of people are just so nervous and so afraid of negative backlash" — and the other is luck
The piece ends on the same unnamed voice telling Kister she cannot believe how far he has come in five years
The show's bottom line is that the discipline nobody gets elected for is the discipline everyone is eventually forced into: Brooks says the market is still not sending the signal that would force Washington's hand, Bianco says the price signal is already telling investors to be careful, and neither expects anyone to move before they have to.
Products, Companies & Tools Mentioned
DWS Group (Bianco's firm, with about $1 trillion in assets under management; his call is that the deficit and how it gets funded, not inflation or growth, is what has pushed real yields to 25-year highs)
U.S. Treasuries (The 10-year having reached 4.75%; Bianco's view is that the Treasury should not be trying to manage the shape of the curve and the Fed should)
Brookings Institution (Brooks' institution; his position is that the safe haven bid is precisely what stops the market disciplining U.S. fiscal policy)
Deutsche Bank (Bianco's colleagues, source of his line that even the Germans are Keynesians now)
Citi Private Bank (Kate Moore's employer; she runs a global team from Jackson on East Coast market hours)
Jackson Hole Rodeo (Philip Wilson's family business, wants 80 employees and cannot house them locally, and the place he uses to explain the valley's handshake culture)
The River House (Spackman's listing: 36 acres in Wilson, Wyoming, about 10 miles from downtown Jackson, at $60 million)
YouTube (Over 2.5 billion users and nearly 14% of U.S. television viewing per Nielsen; the launching pad for three of this year's theatrical hits and, per d'Escragnolle, a shift the industry noticed five years late)
The Mandela Catalogue (Kister's supernatural horror series, made in a Wisconsin neighborhood and now the basis of a feature deal)
Amazon Studios and Amblin Entertainment (Kister's feature film development deal)
Blumhouse Atomic Monster (Prakash's studio, producer of both Obsession and Backrooms; his argument is that horror is the most resilient genre for original theatrical storytelling)
Obsession and Backrooms (The two YouTube-origin hits: Obsession made for $750,000, Backrooms the highest-grossing film in A24's history)
A24 (Backrooms is its biggest earner ever)
FilmHub (d'Escragnolle's distribution platform, taking 20 to 30% of the revenue it collects, and his source for 400,000 new titles a year on IMDb alone)
Roku (Holm's employer, investing heavily in free ad-supported television and programming against YouTube creators as well as studios)
MrBeast (Holm's example of what Roku now shops for when it goes beyond traditional Hollywood)
Spider-Man and The Odyssey (Westin's examples of the blockbuster route to the theater, alongside repeat franchises)
IMDb and TikTok (d'Escragnolle's reference points for the volume of content being made, with IMDb the only one he counts)
Books & Resources Mentioned
Stan Druckenmiller's Wall Street Journal essay (Published that week, arguing that the bond market will decide this; Bianco says he agrees with essentially everything in it)
Nielsen (The source for YouTube's near-14% share of U.S. television viewing)
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