# #360 Chris Whalen: Even If We Cut a Deal Today Inflation Is Not Behind Us

Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/360-chris-whalen-even-if-we-cut-a-deal-today-inflation-is-not-behind-us
Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/360-chris-whalen-even-if-we-cut-a-deal-today-inflation-is-not-behind-us.md
Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803)
Published: 2026-04-18T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/360-Chris-Whalen-Even-If-We-Cut-a-Deal-Today-Inflation-Is-Not-Behind-Us-e3i2u6h
Audio file: https://traffic.megaphone.fm/APO1944152418.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/360-chris-whalen-even-if-we-cut-a-deal-today-inflation-is-not-behind-us
Duration seconds: 2231

## Resource

In this episode of The Wrap, Chris Whalen breaks down what's really driving the rally, why the inflationary impact of the Iran war will stay with us through the end of 2026, and why the Fed's hands are essentially tied regardless of who sits in the chair. Chris also digs into Q1 bank earnings — what the numbers are really saying about credit risk, why most banks are still refusing to disclose their private credit exposures, and why he believes the debt in these deals will ultimately be converted to equity — with retail and institutional investors left holding the bag. Plus: commercial real estate as a long-term drag on cities, the New York pied-à-terre tax as political theater, gold and silver ETF picks, and why Chris says the U.S. equity market would be "comfortable with the devil by lunchtime." Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira826 Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673 Twitter/X: https://twitter.com/rcwhalen Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 00:00 - Introduction & kicking off with this week's Wrap 00:52 Markets surging on Iran/Strait of Hormuz news — Chris's initial take 02:30 — Why inflation won't go away even if a deal is struck today 04:41 — FOMC outlook — no cuts expected, Fed on hold 05:21 — Trump's threat to fire Powell — why it won't happen and why the approach is backfiring 10:40 — War Powers Act and the 60-day congressional clock — what happ…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/360-chris-whalen-even-if-we-cut-a-deal-today-inflation-is-not-behind-us/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-julia-la-roche-show-5842803/360-chris-whalen-even-if-we-cut-a-deal-today-inflation-is-not-behind-us.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.