# RenMac Off-Script: Memorandum of Misunderstanding

Page: https://stenobird.com/podcast/renmac-344092/renmac-off-script-memorandum-of-misunderstanding
Text version: https://stenobird.com/podcast/renmac-344092/renmac-off-script-memorandum-of-misunderstanding.md
Podcast: [RenMac](https://stenobird.com/podcast/renmac-344092)
Published: 2026-07-17T16:09:12+00:00
Episode link: https://podcasters.spotify.com/pod/show/renmac-it/episodes/RenMac-Off-Script-Memorandum-of-Misunderstanding-e3m77s3
Audio file: https://anchor.fm/s/10928cc60/podcast/play/122969411/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-6-17%2F428140686-44100-2-a91a5412109b2.mp3
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JSON: https://stenobird.com/v1/public/podcasts/renmac-344092/episodes/renmac-off-script-memorandum-of-misunderstanding
Duration seconds: 2439

## Resource

RenMac breaks down the vicious unwind in the momentum trade, why a low headline VIX is masking the highest single-stock dispersion the team has ever measured, and how a cooler CPI print does little to stop the Fed conversation from tilting toward a September hike, with inflation, not growth, now owning the reaction function. The team also discusses rising Strait of Hormuz tensions and elevated oil, a looming 25% Brazil tariff, Korea's AI-driven rate hike, yen intervention risk, and the Washington theater around Fed leadership and congressional stock-trading rules.

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## Transcript

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