The Wall Street Skinny

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] In this episode of The Wall Street Skinny, we explore the escalating tension between former President Trump and Fed Chair Jerome Powell, how markets reacted, and what it reveals about the importance of central bank independence. Jen also breaks down "Operation Twist"—a lesser-known but powerful Fed tool—and explains how it differs from traditional rate cuts or quantitative easing. Next, we turn to the U.S. dollar, which recently hit a three-year low. Why does a falling dollar matter, and how does it impact everything from inflation to global trade dynamics? We explore the broader implications of currency devaluation in both the U.S. and China, unpack how exchange rates influence purchasing power and investor sentiment, and challenge popular internet takes that frame this as a one-sided currency war. Spoiler: weak currencies on both sides of a trade war mean everyone loses. Finally, we zoom in on Yale’s rumored $6 billion sale of private equity stakes—about 15% of its endowment. What does this tell us about the liquidity crunch facing endowments? We explain how the secondaries market works, why endowments like Yale are turning to it, and the growing tension between LPs and PE firms over approvals and fees. For anyone curious about the inner workings of endowments, private equity, or portfolio rebalancing in volatile times, this is a must-listen. Private Equity Secondaries 101 https://youtu.be/KvayQmu8vNY Sign up for our Talent Accelerator HERE today! https://thewallstreetskinny.com/talent-accelerator/ Our Investment Banking and Private Equity Foundations course is LIVE: https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/ Sign up for our Talent Accelerator HERE [https://thewallstreetskinny.com/talent-accelerator/] today! Visit Vanta.com/wallstreet [https://www.vanta.com/lp/demo-1k?utm_campaign=1k_offer&utm_source=wall-street-skinny&utm_medium=paid-partner] for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HERE [Link: https://trainingthestreet.com/macros/?utm_source=newsletter&utm_medium=email&utm_campaign=wall-street-skinny] Our Investment Banking and Private Equity Foundations course is LIVE [https://www.thewallstreetskinny.com/investment-banking-private-equity-fundamentals]: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HERE [https://courses.thewallstreetskinny.com/offers/EQRau2Mw/checkout?utm_source=the-wall-street-skinny.beehiiv.com&utm_medium=newsletter&utm_campaign=no-bs-just-bullish&_bhlid=7dae7a8b829a7c2c97a0c247746017a445f2b95a] Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos... [https://public.com/disclosures]

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] This week, we break down the tension between Jerome Powell and Donald Trump—and what it actually means for monetary policy. If you listened to Powell’s latest remarks at the Economic Club of Chicago, you may not have thought much of it, but anyone knows how to decode the Fed’s deliberately vague words noticed unmistakably hawkish tone. We explain how to read between the lines of Fed speak, what it really means when the Fed prioritizes price stability over growth. We also get into why Trumps remarks on Truth Social led some to be concerned he's considering firing the Fed Chair... we discuss what that would mean for the credibility of U.S. markets. We dive into the economics of elite universities and the real impact of pulling federal research funding. We explain how endowments actually work, where that money goes, and why cutting research dollars isn’t just about punishing a school—it risks gutting innovation across biotech, national defense, and the U.S. economy more broadly.  Finally, we unpack the return of the Big Tech breakup debate. With Meta and Google back in court over antitrust issues, we explain what a corporate spinoff actually is, how it works, and why breaking up a giant like Meta might help your portfolio. From conglomerate discounts to split-offs and subsidiary IPOs, we walk through the corporate finance mechanics that could drive the next big move in tech. Sign up for our Talent Accelerator HERE [https://thewallstreetskinny.com/talent-accelerator/] today! Visit Vanta.com/wallstreet [https://www.vanta.com/lp/demo-1k?utm_campaign=1k_offer&utm_source=wall-street-skinny&utm_medium=paid-partner] for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HERE [Link: https://trainingthestreet.com/macros/?utm_source=newsletter&utm_medium=email&utm_campaign=wall-street-skinny] Our Investment Banking and Private Equity Foundations course is LIVE [https://www.thewallstreetskinny.com/investment-banking-private-equity-fundamentals]: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HERE [https://courses.thewallstreetskinny.com/offers/EQRau2Mw/checkout?utm_source=the-wall-street-skinny.beehiiv.com&utm_medium=newsletter&utm_campaign=no-bs-just-bullish&_bhlid=7dae7a8b829a7c2c97a0c247746017a445f2b95a] Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos... [https://public.com/disclosures]

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] There has been some speculation that the reason for "chaos in the bond markets" isn't loss of confidence in the US but rather the result of an unwind in "the basis trade" leading hedge funds to blow up and causing yield spreads to widen. To explore this theory we need to get super granular.  We go deep into the relationship between cash bonds, futures, and interest rate swaps—and explain why so many market participants prefer the derivatives over buying Treasuries outright. We also walk through how structural leverage, repo financing, and margin exposure interact in this high-stakes trade, and why even a small dislocation can trigger major losses when trades are levered 50 to 1 (or more). Don't worry, we do keep it accessible—even if you’ve never heard of the Treasury Bond Basis book or you’re not fluent in swaps. HOWEVER, this episode does assume a basic understanding of the bond markets and is definitely "advanced" for those not fluent in fixed income speak, so you might need to listen a few times like Kristen.  Finally, we tackle what the Fed can and can’t do in the face of this volatility, whether quantitative easing or regulatory changes could help, and why some argue the blowups are a symptom of something bigger—not the cause. Whether you're a market pro or just trying to understand what all the chaos in the headlines actually means, this episode gives you the tools to make sense of it. Sign up for our Talent Accelerator HERE [https://thewallstreetskinny.com/talent-accelerator/] today! Visit Vanta.com/wallstreet [https://www.vanta.com/lp/demo-1k?utm_campaign=1k_offer&utm_source=wall-street-skinny&utm_medium=paid-partner] for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HERE [Link: https://trainingthestreet.com/macros/?utm_source=newsletter&utm_medium=email&utm_campaign=wall-street-skinny] Our Investment Banking and Private Equity Foundations course is LIVE [https://www.thewallstreetskinny.com/investment-banking-private-equity-fundamentals]: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HERE [https://courses.thewallstreetskinny.com/offers/EQRau2Mw/checkout?utm_source=the-wall-street-skinny.beehiiv.com&utm_medium=newsletter&utm_campaign=no-bs-just-bullish&_bhlid=7dae7a8b829a7c2c97a0c247746017a445f2b95a] Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos... [https://public.com/disclosures]

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] This week on The Wall Street Skinny, we’re diving headfirst into one of the most volatile weeks in recent memory—and we brought backup. After a whiplash-inducing reversal in the bond and equity markets, Jen and Kristen break down how the tariff announcements are rippling through rates, treasury auctions, and investor sentiment. From the Fed’s shrinking balance sheet to the rising fear that the U.S. may be losing its “flight to quality” status, we unpack what’s really happening beneath the headlines—and why the bond market might be the biggest canary in the coal mine. Then, we’re joined by legendary investor Steve Eisman—yes, the Steve Eisman portrayed by Steve Carell in The Big Short—for a candid conversation about the state of the global economy, what everyone’s missing in this moment of policy upheaval, and why he’s not panicking. We get his take on the implications of Trump’s tariffs, the fate of the U.S. dollar, and what it would actually take for the Fed to step in meaningfully. Steve also shares how he spotted the subprime crisis before anyone else, and why he’s still staying cool in today’s environment of uncertainty and anxiety. Whether you’re an investor trying to make sense of the macro crosswinds or a Wall Street hopeful wondering how the system reacts in real time, this episode is packed with hard-earned perspective, market wisdom, and—yes—a few deep cuts from Battlestar Galactica. Stay tuned to hear how Steve really feels about being played by Steve Carell, and why sometimes the best strategy is to zoom out, shut off CNBC, and not sell your soul to the volatility gods. Sign up for our Talent Accelerator HERE [https://thewallstreetskinny.com/talent-accelerator/] today! Visit Vanta.com/wallstreet [https://www.vanta.com/lp/demo-1k?utm_campaign=1k_offer&utm_source=wall-street-skinny&utm_medium=paid-partner] for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HERE [Link: https://trainingthestreet.com/macros/?utm_source=newsletter&utm_medium=email&utm_campaign=wall-street-skinny] Our Investment Banking and Private Equity Foundations course is LIVE [https://www.thewallstreetskinny.com/investment-banking-private-equity-fundamentals]: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HERE [https://courses.thewallstreetskinny.com/offers/EQRau2Mw/checkout?utm_source=the-wall-street-skinny.beehiiv.com&utm_medium=newsletter&utm_campaign=no-bs-just-bullish&_bhlid=7dae7a8b829a7c2c97a0c247746017a445f2b95a] Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos... [https://public.com/disclosures]

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] This week on The Wall Street Skinny, we dive headfirst into the chaos that’s been roiling the markets—and specifically why what's happening in the bond market has investors spooked. Treasury auctions, bond yields, the dollar, and gold are all flashing red, and we break down exactly why. Kristen turns the mic to Jen, who spent nearly a decade on the interest rates desk at Morgan Stanley, Lehman, and Barclays, for an explainer on what exactly is going on in the bond markets and what it means. We unpack the mechanics of recent treasury auctions, why foreign demand may be evaporating, and what that means for the U.S. government’s ability to finance its ballooning debt. If you've ever glossed over headlines about yield curves or direct bidder participation, this episode connects the dots—from tariff policy and inflation fears to bond market dysfunction and reserve currency status. We also tackle the growing concerns around private equity and private credit, where volatility may be hidden under the surface due to lack of mark-to-market transparency. And while it may sound like doom and gloom (spoiler: Jen is not sleeping well), we’re here to arm you with clarity—not panic. Whether you're a finance student trying to break in, a junior banker watching the headlines, or a PE associate wondering how this impacts your portfolio companies, this is your crash course in macro stress, treasury dynamics, and the unintended consequences of trade wars.  Sign up for our Talent Accelerator HERE [https://thewallstreetskinny.com/talent-accelerator/] today! Visit Vanta.com/wallstreet [https://www.vanta.com/lp/demo-1k?utm_campaign=1k_offer&utm_source=wall-street-skinny&utm_medium=paid-partner] for $1,000 off Start your FREE TRIAL of Training The Street's Turbo Macros HERE [Link: https://trainingthestreet.com/macros/?utm_source=newsletter&utm_medium=email&utm_campaign=wall-street-skinny] Our Investment Banking and Private Equity Foundations course is LIVE [https://www.thewallstreetskinny.com/investment-banking-private-equity-fundamentals]: Or for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HERE [https://courses.thewallstreetskinny.com/offers/EQRau2Mw/checkout?utm_source=the-wall-street-skinny.beehiiv.com&utm_medium=newsletter&utm_campaign=no-bs-just-bullish&_bhlid=7dae7a8b829a7c2c97a0c247746017a445f2b95a] Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS... See full disclos... [https://public.com/disclosures]