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Single best idea, I'll be quick. A terrific news day, and thank you so much to the team for our coverage of the breaking story on gambling with that press conference in the ten o'clock hour with the FBI and Judicial Downtown. Just an extraordinary story on high high stakes gambling, I guess is what I would call it our high stakes today, were to have in the studio together Jeffrey de Graph and Neil Dudda. They are Renaissance Macro. Neil Dudda my Economist of the Year two years ago or so,
with this huge optimism, much more cautious now. Neil Dudda of Renaissance Macro. He's watching housing right now.
We have sort of a housing centered view of the world out and I think what's interesting is, you know, interest rates have been coming down, but you haven't really seen housing demand improve in any meaningful way. And to me, that's sort of a yellow flag on the outlook. You know, builders seem to have sort of hit their pivot point on margins, and I think that's going to mean less construction activity, and I think that's going to bleed into employment.
I do and if you start seeing construction workers, let go in an environment where you're not really creating much jobs growth to begin with, I think that's sort of another potential source of upward pressure on the unemployment rate. So I would, I do think the FED is a little bit behind here. You know, the fact that they're kind of taking a meeting by meeting approach as opposed to just giving guidance into the first half of next year, I think is a little you know, it's a bit of a mistake.
An important comment there. And of course, in the comments of Christopher Waller at the Console on Foreign Relations last week, he had an overt sentence with the speech calling for numerous race cuts. Dare I say four or five traditional rate cuts, Neil Dunna dragging in Jeffrey de Graph as well of renmac looking at the markets, looking at trends that are out there. With Jeffrey de Graph, we went global.
There's a global bull market happening, right. So all the concern about tariffs and I get it, I mean, you know, we all know it that just is not is not resonating with markets which are saying there's something else here that's happening, right, And this isn't this isn't just the G seven or even the G twenty. Look at the frontier markets, they look fabulous, right, So I think, you know, to put the narrative on it. We try not to do. We're trying to be purest and how we look at
things in the world. Now, I'm a little concerned about gold. We entered bubble territory, but the rest of it looks pretty good to us. So look, I'm in the camp that we get a consolidation. But if Neil's world ends up developing, I think that's extraordinarily bullish for EQUI.
Together in studio Neil Gutta and there Jeffrey de Graph of Renaissance at Macro. It's a podcast on Apple, on Spotify and look at YouTube podcast as well. It's single best idea.