Chris looks at the key themes and likely market-moving events ahead as we move into 2026’s second half.

Essentially, the fate of pretty much all asset classes going forward rests on two key things:

1. The Warsh Fed — We’ll get yet another dose of the new chairman’s views in the week ahead, when Kevin Warsh makes his first appearance before Congress in that role.

In the typical semi-annual report to the House and Senate’s respective finance committees, it will be interesting to see if any subjects of real substance emerge, as I explain.

What we DO know is that Warsh is under intense market pressure to follow through at least some–and for as long as he can–on his core pledge to restore “price stability” (Good luck with THAT!)

Among other things, Treasury auctions in the week just past were the most expensive for Uncle Sam (i.e. – the highest interest rates) in some 20 years.

Later, of course, Warsh will be galvanizing the Warsh/Bessent game plan for a rejiggered monetary regimen.

NO, it won’t be “monetizing” or “revaluing” gold (in my podcast, I call out the latest silliness that some were prattling on about recently on gold’s purported–but A.W.O.L.–revaluation.)

A BIG clue on this front will come late next month at the Kansas City Fed-hosted annual bankers’ picnic in Jackson Hole, Wyoming (they’re going to be moving FAST on this, folks!)

2. Energy Prices — In short, the present manipulation of the market / “paper” price for crude oil itself reminds me of the oil price swings before and just after the 2008 Financial Crisis.

This is another jolt still to come for the global economy and markets, especially with (no surprise to our audience whatsoever)

NO peaceful end in store for the U.S./Israel v. Iran War.

Elsewhere, I extrapolate these things and discuss some thoughts on precious metals, other commodities, the stock market and more.

And in particular, I explain how and why the current A.I. bubble has the SAME “roots” as did the speculative bubbles–and then busts–of mortgages/real estate back in the “aughts” and the later idiocy of investments and then bankruptices in the shale patch several years later.

A.I.’s own epic bubble will have the same fate.

Courtesy of the National Investor