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Single best idea, which is visit Houston.
Just got back from a wonderful moment with the Houston CFA Society, their celebration their seventieth anniversary of Financial analysis, and of course all the bustling energy and medical businesses of Houston. A much much more extraordinary flying out of Iah, the Houston Airport, the Bush Airport, just you see the warehouse and distribution juggernaut that we in the East never see. Absolutely extraordinary. And that goes to what I'm really focused on now and in the coming weeks, which is the
supply supply line study of our trade dynamics. Mister Besson and mister Kreer had a press conference today talk and alluding to that with China a bit, but I think going forward, supply line dynamics will be something really to talk about. Really interesting day on the show. Christopher Whalen joined us from whalan Global, and he's out with his second edition of his book, Inflated. It's a musty of sprawling history of the American financial system. Here's Chris Whalen on the moment at hand.
It's almost like we're back to December twenty eighteen when Jerome Powell almost ran the ship aground. You recall they pivoted very quickly in January nineteen and started easing. That's when they went to this ample reserve policy that they've had since then. And I think that what we're worried about is that the model that the FED uses to judge whether liquidity is adequate or not is based on GDP,
which has nothing to do with anything. Liquidity is highly compartmentalized, does not flow one way and another, so you really don't know until there's not enough. Chris, I think that's where we are today.
Chris Whalen, we're gonna get him in the studio and celebration of his new book, Inflated as well. Stephen off with us today with Federated hermy as we talked to him about this market. All the bank results coming in so good. Allison Williams, thank you so much for careful analysis from Bloomberg Intelligence here of Federated on our bull market.
It's just set up tom right now in a very attractive way these stocks. And we'd even lean into the regional regional banks because they have not fully participated yet and there's catch up trade there. But you know, you've got like a perfect world here. You know, the yeal curve is steepening. That's always good, particularly for the regional banks. The economy is reaccelerating. You got Scott Bessetting Company focused like laser beams on lowering the mortgage rate, which is
artificially high relative to the tenure. They're going to do that. The housing sector takes off. That really helps the regional banks. So you've got loan growth improving. You've got all this inbound investment happening that requires financing.
That's more loan.
Growth, and the big banks, of course, as we're seeing, have m and a animal spirits picking up IPOs.
It's just like.
Everything at once against a backdrop where these stocks are. You know, you can make the case are cheaply valued. They're certainly cheaply valued versus the market, and even on a relative historical basis, that cheapness is still pretty reasonable.
So it's a kind of perfect storm. Steve author Federated, I would point out that with his analysis, you don't get to participate unless you're in the market before the event. There's not enough discussion of that.
Outh Chivarone and the team at Federated and said, you've got to play, you've got to be invested for moments like this. Got much more Coming up again tomorrow, the conversation with Governor Waller. That'll be in the nine o'clock hour Eastern time. On podcasts, We're on an Apple, on Spotify, on YouTube podcasts. It's single best idea