All-In with Chamath, Jason, Sacks & Friedberg

(0:00) The Besties welcome John and Patrick Collison! (4:28) Stripe's business evolution: $1T in volume/year, stablecoins, challenging the Visa/Mastercard duopoly, publishing economic indicators (20:31) Jamie Dimon's leaked rant on remote work and bureaucracy (34:22) DOGE for Defense: Trump ordered the Pentagon to look at cutting the defense budget by 8%/year over the next five years (43:51) Crypto Corner: Milei's Memecoin embarrassment (1:00:18) John and Patrick break down the Arc Institute and its new Evo 2 AI model (1:18:04) Grok 3 takes the LLM lead, lessons learned from Elon's Colossus scale up (1:30:22) Science Corner: Asteroid update (1:35:42) Why Stripe hasn't gone public yet, despite great metrics Register for All-In at SXSW: https://allin.com/events [https://allin.com/events] Follow John: https://x.com/collision [https://x.com/collision] Follow Patrick: https://x.com/patrickc [https://x.com/patrickc] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://www.cnbc.com/2024/10/23/stripes-1point1-billion-deal-for-bridge-marks-much-needed-win-for-vc.html [https://www.cnbc.com/2024/10/23/stripes-1point1-billion-deal-for-bridge-marks-much-needed-win-for-vc.html] https://x.com/Zigmanfreud/status/1890202488596492620 [https://x.com/Zigmanfreud/status/1890202488596492620] https://www.coworker.org/petitions/professional-dignity [https://www.coworker.org/petitions/professional-dignity] https://www.bloomberg.com/news/articles/2023-01-03/shopify-ceo-tobi-lutke-tells-employees-to-just-say-no-to-meetings [https://www.bloomberg.com/news/articles/2023-01-03/shopify-ceo-tobi-lutke-tells-employees-to-just-say-no-to-meetings] https://www.washingtonpost.com/national-security/2025/02/19/trump-pentagon-budget-cuts [https://www.washingtonpost.com/national-security/2025/02/19/trump-pentagon-budget-cuts] https://www.amazon.com/Boyd-Fighter-Pilot-Who-Changed/dp/0316796883 [https://www.amazon.com/Boyd-Fighter-Pilot-Who-Changed/dp/0316796883] https://www.cnn.com/2025/02/16/americas/argentina-milei-libra-cryptocurrency-impeachment-calls-intl-latam/index.html [https://www.cnn.com/2025/02/16/americas/argentina-milei-libra-cryptocurrency-impeachment-calls-intl-latam/index.html] https://www.cnn.com/2025/02/18/americas/argentina-milei-defends-libra-crypto-tweet-intl-latam/index.html [https://www.cnn.com/2025/02/18/americas/argentina-milei-defends-libra-crypto-tweet-intl-latam/index.html] https://arcinstitute.org [https://arcinstitute.org] https://blogs.nvidia.com/blog/evo-2-biomolecular-ai [https://blogs.nvidia.com/blog/evo-2-biomolecular-ai] https://artificialanalysis.ai/models/grok-3 [https://artificialanalysis.ai/models/grok-3] https://x.com/GavinSBaker/status/1891721991444447343 [https://x.com/GavinSBaker/status/1891721991444447343] https://www.amazon.com/Henry-J-Kaiser-Builder-American/dp/0292742266 [https://www.amazon.com/Henry-J-Kaiser-Builder-American/dp/0292742266] https://x.com/AsteroidWatch/status/1892338055354159256 [https://x.com/AsteroidWatch/status/1892338055354159256] https://x.com/AsteroidWatch/status/1892631907646447746 [https://x.com/AsteroidWatch/status/1892631907646447746]

(0:00) The Besties intro Naval Ravikant! (9:07) Naval reflects on his thoughtful tweets and reputation (14:17) Unique views on parenting (23:20) Sacks joins to talk AI: JD Vance's speech in Paris, Techno-Optimists vs Doomers (1:11:06) Tariffs and the US economic experiment (1:21:15) Thomson Reuters wins first major AI copyright decision on behalf of rights holders (1:35:35) Chamath's dinner with Bryan Johnson, sleep hacks (1:45:09) Tulsi Gabbard, RFK Jr. confirmed Follow Naval: https://x.com/naval [https://x.com/naval] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://x.com/naval/status/1002103360646823936 [https://x.com/naval/status/1002103360646823936] https://x.com/CollinRugg/status/1889349078657716680 [https://x.com/CollinRugg/status/1889349078657716680] https://www.whitehouse.gov/presidential-actions/2025/01/removing-barriers-to-american-leadership-in-artificial-intelligence [https://www.whitehouse.gov/presidential-actions/2025/01/removing-barriers-to-american-leadership-in-artificial-intelligence] https://www.cnn.com/2021/06/09/politics/kamala-harris-foreign-trip/index.html [https://www.cnn.com/2021/06/09/politics/kamala-harris-foreign-trip/index.html] https://www.cnbc.com/2025/02/11/anduril-to-take-over-microsofts-22-billion-us-army-headset-program.html [https://www.cnbc.com/2025/02/11/anduril-to-take-over-microsofts-22-billion-us-army-headset-program.html] https://x.com/JDVance/status/1889640434793910659 [https://x.com/JDVance/status/1889640434793910659] https://www.youtube.com/watch?v=QCNYhuISzxg [https://www.youtube.com/watch?v=QCNYhuISzxg] https://www.wired.com/story/thomson-reuters-ai-copyright-lawsuit [https://www.wired.com/story/thomson-reuters-ai-copyright-lawsuit] https://admin.bakerlaw.com/wp-content/uploads/2023/11/ECF-1-Complaint.pdf [https://admin.bakerlaw.com/wp-content/uploads/2023/11/ECF-1-Complaint.pdf] https://www.youtube.com/watch?v=7xTGNNLPyMI [https://www.youtube.com/watch?v=7xTGNNLPyMI] https://polymarket.com/event/which-trump-picks-will-be-confirmed?tid=1739471077488 [https://polymarket.com/event/which-trump-picks-will-be-confirmed?tid=1739471077488]

(0:00) The Besties intro Antonio Gracias! (3:11) DOGE takes on USAID (31:44) Sacks breaks in to talk USAID (34:00) Sacks explains what he's working on: Crypto/AI Frameworks (46:41) The Democratic Party's shrinking base (52:33) US Sovereign Wealth Fund + Breaking DOGE/Tax News (1:09:07) Google to spend $75B on AI buildout in 2025, future of work in the age of AI (1:23:21) Science Corner: GLP-1 macro study Follow Antonio: https://x.com/AntonioGracias [https://x.com/AntonioGracias] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://en.wikipedia.org/wiki/United_States_Agency_for_International_Development [https://en.wikipedia.org/wiki/United_States_Agency_for_International_Development] https://www.wsj.com/opinion/usaid-donald-trump-elon-musk-marco-rubio-state-department-foreign-aid-8d2a1920 [https://www.wsj.com/opinion/usaid-donald-trump-elon-musk-marco-rubio-state-department-foreign-aid-8d2a1920] https://www.usa.gov/agencies/u-s-agency-for-international-development [https://www.usa.gov/agencies/u-s-agency-for-international-development] https://www.usaspending.gov/agency/agency-for-international-development?fy=2024 [https://www.usaspending.gov/agency/agency-for-international-development?fy=2024] https://www.whitehouse.gov/fact-sheets/2025/02/at-usaid-waste-and-abuse-runs-deep [https://www.whitehouse.gov/fact-sheets/2025/02/at-usaid-waste-and-abuse-runs-deep] https://www.wsj.com/finance/banks-sell-5-5-billion-of-x-loans-after-investor-interest-surges-4b84f89c [https://www.wsj.com/finance/banks-sell-5-5-billion-of-x-loans-after-investor-interest-surges-4b84f89c] https://www.usaspending.gov [https://www.usaspending.gov] https://www.foxnews.com/media/ex-politico-reporters-reveal-editors-quashed-slow-walked-negative-biden-stories-with-no-explanation [https://www.foxnews.com/media/ex-politico-reporters-reveal-editors-quashed-slow-walked-negative-biden-stories-with-no-explanation] https://www.usaspending.gov/recipient/fa0cefae-7cfb-881d-29c3-1bd39cc6a49e-C/2024 [https://www.usaspending.gov/recipient/fa0cefae-7cfb-881d-29c3-1bd39cc6a49e-C/2024] https://www.bbc.co.uk/mediaaction/about/funding [https://www.bbc.co.uk/mediaaction/about/funding] https://www.whitehouse.gov/presidential-actions/2025/01/reevaluating-and-realigning-united-states-foreign-aid [https://www.whitehouse.gov/presidential-actions/2025/01/reevaluating-and-realigning-united-states-foreign-aid] https://x.com/susancrabtree/status/1884034727046226317 [https://x.com/susancrabtree/status/1884034727046226317] https://x.com/elonmusk/status/1886627783138316442 [https://x.com/elonmusk/status/1886627783138316442] https://www.nbcnews.com/politics/national-security/usaid-security-leaders-removed-refusing-elon-musks-doge-employees-accercna190357 [https://www.nbcnews.com/politics/national-security/usaid-security-leaders-removed-refusing-elon-musks-doge-employees-accercna190357] https://x.com/Jason/status/1885082871074886110 [https://x.com/Jason/status/1885082871074886110] https://x.com/anc_aesthetics/status/1886176995433763188 [https://x.com/anc_aesthetics/status/1886176995433763188] https://x.com/wikileaks/status/1887501752213409919 [https://x.com/wikileaks/status/1887501752213409919] https://x.com/pm_viktororban/status/1887224829352280505 [https://x.com/pm_viktororban/status/1887224829352280505] https://x.com/daily_romania/status/1887883017550430435 [https://x.com/daily_romania/status/1887883017550430435] https://x.com/kanekoathegreat/status/1887261736618893636 [https://x.com/kanekoathegreat/status/1887261736618893636] https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology [https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology] https://x.com/davidsacks47/status/1886878016183394403 [https://x.com/davidsacks47/status/1886878016183394403] https://www.banking.senate.gov/newsroom/majority/scott-hagerty-lummis-gillibrand-introduce-legislation-to-establish-a-stablecoin-regulatory-framework [https://www.banking.senate.gov/newsroom/majority/scott-hagerty-lummis-gillibrand-introduce-legislation-to-establish-a-stablecoin-regulatory-framework] https://www.washingtonpost.com/opinions/2025/02/02/rahm-emanuel-democrats-voters-kitchen-table [https://www.washingtonpost.com/opinions/2025/02/02/rahm-emanuel-democrats-voters-kitchen-table] https://www.whitehouse.gov/presidential-actions/2025/02/a-plan-for-establishing-a-united-states-sovereign-wealth-fund [https://www.whitehouse.gov/presidential-actions/2025/02/a-plan-for-establishing-a-united-states-sovereign-wealth-fund] https://www.americanprogress.org/article/scott-bessents-3-percent-deficit-target-would-require-massive-cuts-to-anti-poverty-programs-and-middle-class-tax-increases [https://www.americanprogress.org/article/scott-bessents-3-percent-deficit-target-would-require-massive-cuts-to-anti-poverty-programs-and-middle-class-tax-increases] https://abcnews.go.com/US/judge-weigh-block-doge-accessing-treasury-department-records/story?id=118498817 [https://abcnews.go.com/US/judge-weigh-block-doge-accessing-treasury-department-records/story?id=118498817] https://en.wikipedia.org/wiki/United_States_DOGE_Service [https://en.wikipedia.org/wiki/United_States_DOGE_Service] https://x.com/libsoftiktok/status/1887585824218509380 [https://x.com/libsoftiktok/status/1887585824218509380] https://fedscoop.com/wp-content/uploads/sites/5/2025/02/show_temp.pdf [https://fedscoop.com/wp-content/uploads/sites/5/2025/02/show_temp.pdf] https://www.cnbc.com/2025/02/05/alphabet-shares-fall-7percent-on-revenue-miss-heightened-ai-investments.html [https://www.cnbc.com/2025/02/05/alphabet-shares-fall-7percent-on-revenue-miss-heightened-ai-investments.html] https://abc.xyz/assets/a3/91/6d1950c148fa84c7d699abe05284/2024q4-alphabet-earnings-release.pdf [https://abc.xyz/assets/a3/91/6d1950c148fa84c7d699abe05284/2024q4-alphabet-earnings-release.pdf] https://x.com/SawyerMerritt/status/1886899315735507255 [https://x.com/SawyerMerritt/status/1886899315735507255] https://www.nature.com/articles/s41591-024-03412-w [https://www.nature.com/articles/s41591-024-03412-w]

(0:00) The Besties intro Travis Kalanick! (2:11) Travis breaks down the future of food and the state of CloudKitchens (13:34) Sacks breaks in! (15:38) DeepSeek panic: What's real, training innovation, China, impact on markets and the AI industry (50:14) US vs China in AI, the Singapore backdoor (1:01:51) OpenAI reportedly in talks to raise ~$40B with Masa as the lead investor (1:10:37) DOGE's first 10 days (1:25:13) Future of Self Driving: Uber, Waymo, Tesla (1:38:04) Fed holds rates steady, how DOGE can impact rate cuts (1:44:17) Fatal DC plane crash Follow Travis: https://x.com/travisk [https://x.com/travisk] Follow the besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://github.com/deepseek-ai/DeepSeek-R1/blob/main/DeepSeek_R1.pdf [https://github.com/deepseek-ai/DeepSeek-R1/blob/main/DeepSeek_R1.pdf] https://www.tomshardware.com/tech-industry/artificial-intelligence/chinese-company-trained-gpt-4-rival-with-just-2-000-gpus-01-ai-spent-usd3m-compared-to-openais-usd80m-to-usd100m [https://www.tomshardware.com/tech-industry/artificial-intelligence/chinese-company-trained-gpt-4-rival-with-just-2-000-gpus-01-ai-spent-usd3m-compared-to-openais-usd80m-to-usd100m] https://www.cnbc.com/2025/01/27/nvidia-sheds-almost-600-billion-in-market-cap-biggest-drop-ever.html [https://www.cnbc.com/2025/01/27/nvidia-sheds-almost-600-billion-in-market-cap-biggest-drop-ever.html] https://x.com/shrihacker/status/1884414667503853749 [https://x.com/shrihacker/status/1884414667503853749] https://x.com/balajis/status/1884975064283812270 [https://x.com/balajis/status/1884975064283812270] https://www.fool.com/earnings/call-transcripts/2025/01/29/meta-platforms-meta-q4-2024 [https://www.fool.com/earnings/call-transcripts/2025/01/29/meta-platforms-meta-q4-2024] earnings-call-transcri https://x.com/mrexits/status/1885017400308806121 [https://x.com/mrexits/status/1885017400308806121] https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-01-28-2025/card/deepseek-s-ai-learned-from-chatgpt-trump-s-ai-czar-says-LoCYvz2Lm0riS0AuEoB5 [https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-01-28-2025/card/deepseek-s-ai-learned-from-chatgpt-trump-s-ai-czar-says-LoCYvz2Lm0riS0AuEoB5] https://www.wsj.com/tech/ai/why-distillation-has-become-the-scariest-wordfor-ai-companies-aa146ae3 [https://www.wsj.com/tech/ai/why-distillation-has-become-the-scariest-wordfor-ai-companies-aa146ae3] https://techcrunch.com/2024/12/27/why-deepseeks-new-ai-model-thinks-its-chatgpt [https://techcrunch.com/2024/12/27/why-deepseeks-new-ai-model-thinks-its-chatgpt] https://x.com/rauchg/status/1875627666113740892 [https://x.com/rauchg/status/1875627666113740892] https://www.ft.com/content/a0dfedd1-5255-4fa9-8ccc-1fe01de87ea6 [https://www.ft.com/content/a0dfedd1-5255-4fa9-8ccc-1fe01de87ea6] https://x.com/satyanadella/status/1883753899255046301 [https://x.com/satyanadella/status/1883753899255046301] https://en.m.wikipedia.org/wiki/Jevons_paradox [https://en.m.wikipedia.org/wiki/Jevons_paradox] https://x.com/pitdesi/status/1883192498274873513 [https://x.com/pitdesi/status/1883192498274873513] https://x.com/rihardjarc/status/1884263865703358726 [https://x.com/rihardjarc/status/1884263865703358726] https://x.com/austen/status/1884444298130674000 [https://x.com/austen/status/1884444298130674000] https://www.cnbc.com/2025/01/30/openai-in-talks-to-raise-up-to-40-billion-at-340-billion-valuation.html [https://www.cnbc.com/2025/01/30/openai-in-talks-to-raise-up-to-40-billion-at-340-billion-valuation.html] https://x.com/america/status/1884372526144598056 [https://x.com/america/status/1884372526144598056] https://x.com/DOGE/status/1884396041786524032 [https://x.com/DOGE/status/1884396041786524032] https://fred.stlouisfed.org/series/FYFSD [https://fred.stlouisfed.org/series/FYFSD] https://www.whitehouse.gov/presidential-actions/2025/01/establishing-and-implementing-the-presidents-department-of-government-efficiency [https://www.whitehouse.gov/presidential-actions/2025/01/establishing-and-implementing-the-presidents-department-of-government-efficiency] https://x.com/Jason/status/1884671945800573018 [https://x.com/Jason/status/1884671945800573018] https://abcnews.go.com/538/trump-starts-term-weak-approval-rating/story?id=118146633 [https://abcnews.go.com/538/trump-starts-term-weak-approval-rating/story?id=118146633] https://www.cnbc.com/2025/01/15/cpi-inflation-december-2024-.html [https://www.cnbc.com/2025/01/15/cpi-inflation-december-2024-.html] https://x.com/chamath/status/1885068981905875241 [https://x.com/chamath/status/1885068981905875241]

(0:00) Ray Dalio joins Friedberg! (0:50) The current US fiscal situation (6:23) Breaking down "The Big Debt Cycle," a potential US debt spiral, and the impact on real wealth (24:54) USD vs other currencies and assets, best hedges against the dollar (33:20) Portfolio construction, how China increases risk for US AI companies, why this market reminds Ray of 1998-1999 (41:45) How the US can avoid a debt crisis (53:29) DOGE, Trump, and AI's greatest risk (1:05:31) Chances of conflict between the US and China Follow the Besties: https://x.com/chamath [https://x.com/chamath] https://x.com/Jason [https://x.com/Jason] https://x.com/DavidSacks [https://x.com/DavidSacks] https://x.com/friedberg [https://x.com/friedberg] Follow Ray Dalio: https://x.com/RayDalio [https://x.com/RayDalio] Read Part 1 of "How Countries Go Broke": https://x.com/RayDalio/status/1878840018770210979 [https://x.com/RayDalio/status/1878840018770210979] Pre-order "How Countries Go Broke": https://www.amazon.com/Principles-Investment-Economic-Ray-Dalio/dp/1501124064 [https://www.amazon.com/Principles-Investment-Economic-Ray-Dalio/dp/1501124064] Follow on X: https://x.com/theallinpod [https://x.com/theallinpod] Follow on Instagram: https://www.instagram.com/theallinpod [https://www.instagram.com/theallinpod] Follow on TikTok: https://www.tiktok.com/@theallinpod [https://www.tiktok.com/@theallinpod] Follow on LinkedIn: https://www.linkedin.com/company/allinpod [https://www.linkedin.com/company/allinpod] Intro Music Credit: https://rb.gy/tppkzl [https://rb.gy/tppkzl] https://x.com/yung_spielburg [https://x.com/yung_spielburg] Intro Video Credit: https://x.com/TheZachEffect [https://x.com/TheZachEffect] Referenced in the show: https://tradingeconomics.com/united-states/government-debt-to-gdp [https://tradingeconomics.com/united-states/government-debt-to-gdp] https://www.crfb.org/press-releases/treasury-confirms-calendar-year-2024-deficit-tops-20-trillion [https://www.crfb.org/press-releases/treasury-confirms-calendar-year-2024-deficit-tops-20-trillion] https://www.cbo.gov/publication/61172 [https://www.cbo.gov/publication/61172] https://www.institutionalinvestor.com/article/2bstne1l09npgdk1s5yww/corner-office/ray-dalio-makes-his-exit-from-bridgewater [https://www.institutionalinvestor.com/article/2bstne1l09npgdk1s5yww/corner-office/ray-dalio-makes-his-exit-from-bridgewater] https://fred.stlouisfed.org/series/M2SL [https://fred.stlouisfed.org/series/M2SL] https://www.jpmorgan.com/insights/outlook/economic-outlook/fed-meeting-september-2024 [https://www.jpmorgan.com/insights/outlook/economic-outlook/fed-meeting-september-2024] https://www.forbes.com/sites/robertfarrington/2024/11/08/fed-cut-interest-rates-so-why-do-mortgage-rates-keep-climbing [https://www.forbes.com/sites/robertfarrington/2024/11/08/fed-cut-interest-rates-so-why-do-mortgage-rates-keep-climbing] https://www.chathamfinancial.com/insights/fomc-recap-december-2024 [https://www.chathamfinancial.com/insights/fomc-recap-december-2024] https://www.cnbc.com/2025/01/14/a-global-bond-sell-off-is-deepening-as-hopes-for-multiple-fed-rate-cuts-fizzle.html [https://www.cnbc.com/2025/01/14/a-global-bond-sell-off-is-deepening-as-hopes-for-multiple-fed-rate-cuts-fizzle.html]