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Single best idea in a day of truncated interviews, Lots going on at Quantico, at the White House, presidential comments twice at the White House, end at Quantico, and of course the Secretary of Defense Pete Hexas with his comments at Quantico as well. A lot of different conversations truncated here just with the news flow, just with the reality of Red Sox Yankees playoff baseball. But we did get some good ideas. One from Monica Guerra at Morgan Stanley.
She is wonderful on infrastructure and also with real world experience in the budgeting of government. Monica Guerra on the shutdown.
That's where the impoundment piece comes into play, right. We saw him do that with Ukraine funding, so there is a precedent. And so while they're not going to get these mass layoffs, right, we've seen that that's not going to happen. You could get a this essentially this as an excuse or a catalyst to then come in and say, well, you know, we want to go harder on these clean energy components. Right at the EPA, we're going to stop
funding for that. And if you get that dynamic. That's the sort of stick off ramp that gets the Democrats to the table. The carrot off ramp is do you get those rural state GOP members allowed enough voice to then come together with Democrats to get those ACA subsidy extensions.
Just brilliant Monica Kuer Morgan Stanley here on a moment of a shutdown, special shout out. Nathan Dean of Bloomberg Intelligence always in demand, just riveting here on his thoughts. He believes they could come to an eleventh hour solution here Nathan Dean lonely with that call here into the Tuesday midday with us as well, What a special treat
Suki Koup with us at Barclays. Forere now at the Standard Charter Bank with Steven England are driving commodities a big deal for Standard Charter with their third World, their em focus in the Pacific rim Suki Cooper.
And gold we still see further highs for the gold markets. We've seen a number of factors driving the market and it's changed. At the start of this year we saw a shift away from central bank flows driving the market to ETF factors becoming much more important. And now we've seen the correlation between real yields and gold coming back.
The macro environment is increasingly important to ranging from concerns around the US potential shutdown government shutdown, to the scope for FED to cut rates, further ranging to tariff concerns as well. All of these factors are playing into safe have and demand for gold.
Suki Cooper Standard Charter Bank shout out. Eric Fine came in today. Again. It was a truncated conversation. I can't remember why Eric Fine is at VANAK. We thank them for their new sponsorship of what we're doing. He was years at Morgan Stanley and EM and em dot now and he is griveted on China and the calculation that China not should or could, but must appreciate the yuan against the US dollar. A fascinating conversation on China. We'll redo that soon with Eric Fine of van K. It's
a podcast on an Apple on Spotify. Thank you for listening on Spotify. Steffanie rothat Wolfe said she listens on Spotify and on YouTube podcasts as well. Single best Idea