A guest on @CNBC stated that Fannie Mae and Freddie Mac's IPOs would not have an explicit government guarantee, as that would require congressional approval. Instead, the government plans to "explicitly" state in writing that it fully supports the debt of all government-sponsored enterprises (GSEs) and will not incur losses for bondholders. But once the government explicitly commits to back GSE debt, the guarantee is no longer implicit—it's explicit, which Trump himself acknowledges requires congressional approval. This plan is a sham. Republicans must oppose this wasteful plan that enriches Trump's friends while leaving taxpayers with the burden.

Despite gold prices holding steady at new highs today, poised to break through $3,700 an ounce, gold mining stocks are trading lower today as traders book profits ahead of tomorrow's FOMC announcement and Powell press conference. I expect buyers to return soon.

@larry_kudlow, @realartlaffer, and @StephenMoore haven't been this bullish on the economy since the months leading up to the 2008 financial crisis. They were George W. Bush's biggest cheerleaders, and now they're the biggest cheerleaders for Trump, whose economic policies are even worse.

One of the dumbest ideas Republicans have proposed is to give away tariff revenue to taxpayers. If Republicans want taxpayers to receive tariff revenue, they should simply not impose tariffs on them in the first place. That's a simpler, more effective, and more honest solution.

Trump just said the US economy has never been stronger and that tariffs have brought in trillions of dollars in revenue. Perhaps Trump is confusing tariff revenue with deficit spending. Furthermore, if the economy is so strong, why is the Federal Reserve ignoring rising inflation and cutting interest rates?

Export prices rose 0.3% in August (up 3.4% year-on-year). This is the result of rising inflationary pressures pushing up production costs and retail prices. Rising prices are likely the main reason for the stronger-than-expected increase in retail sales in August. However, the Federal Reserve is about to cut interest rates!

Scott Bessant boasts that U.S. Treasuries are the best-performing sovereign debt so far this year. But that's only true if you ignore foreign exchange, a key component of total returns. Once you factor in the depreciation of the dollar, U.S. bonds will be among the worst-performing bonds in 2025.

Scott Bessant argues that the Fed's role isn't to control the dollar, but rather to control inflation. However, the definition of inflation is related to the purchasing power of the dollar. As the purchasing power of the dollar decreases, more dollars are needed to buy the same things. Consequently, prices rise.

From the beginning, I warned that Bitcoin money management companies were Ponzi schemes built on pyramids. Today, the stock price of one of these companies, $NAKA, is down 55%. It's down 96% since its peak during the Bitcoin Conference in Las Vegas in May, when I advised attendees not to invest.

Breaking News: The D.C. Circuit Court of Appeals has *rejected* Trump's request to fire Lisa Cook from the Federal Reserve Board, allowing her to attend tomorrow's rate-setting meeting. Trump's last hope is that the Supreme Court will grant a swift stay.