Episode
#367 Chris Whalen: "No Rate Cuts For a While" — Warsh's Fed Earthquake, Silver Shortage, and Why Inflation Is Here to Stay
- Podcast
- The Julia La Roche Show
- Published
- May 9, 2026
- Duration seconds
- 1974
- Processing state
not_requested
Actions
POST https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/367-chris-whalen-no-rate-cuts-for-a-while-warsh-s-fed-earthquake-silver-shortage-and-why-inflation-is-here-to-stay/transcription-requests
Idempotently request low-priority transcript generation for this episode.GET https://stenobird.com/podcast/the-julia-la-roche-show-5842803/367-chris-whalen-no-rate-cuts-for-a-while-warsh-s-fed-earthquake-silver-shortage-and-why-inflation-is-here-to-stay.md
Read the agent-friendly Markdown representation of this episode resource.
Summary
Warsh's arrival at the Fed actually means in practice — significant personnel changes, new models, and what Chris calls nothing short of an "earthquake at the central bank." Chris explains why there will be no rate cuts for a while, why the Fed balance sheet is growing again despite Warsh wanting to shrink it, and the one-to-one relationship between the balance sheet and public debt that most people aren't talking about. Plus: silver is in physical shortage and can't be delivered in parts of Asia, private credit is getting quiet as the bad headlines pile up, AMD is Chris's AI play of choice, and why the Iran war means "traumatic shortages by June" even if a deal were struck tomorrow. Chris also answers viewer questions on Warsh shrinking the balance sheet, gold under a tightening regime, the PennyMac LIBOR lawsuit, and Annaly Capital earnings. And Julia closes on her first house. Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap or call 855-573-0817 Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira842 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: 0:00 Welcome & intro 0:49 Fed balance sheet growing again even though Warsh wants to shrink it 1:08 The one-to-one relationship between the Fed balance sheet and public debt 3:28 Will we continue to see a more inflationary environment? 3:37 Silver on a tear — physical shortage, can't deliver the metal 4:41 Still money…