The Julia La Roche Show, Released on 9/20/25

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to the show for an in-person episode to recap the FOMC, discuss the state of the economy, housing, and his highest conviction ideas.

0:00 Welcome and introduction – Chris Whalen’s first in-studio appearance
0:24 Julia’s introduction highlighting Chris’s credentials and analysis
1:16 Fed takeaway – Steve Miran only governor wanting 50bp cut
2:19 Housing emergency coming – Fed drove prices up, Trump faces constraint
2:31 Housing scenarios – mortgage rates retreating after quarter point
4:17 Monetary Metals ad read
5:34 Housing psychology – homeowners trying to sell at the top
6:53 Office space comparison – no longer premium asset class
7:38 Fed rate cut outlook – may not see more cuts for months
9:58 Bank balance sheet problems – mortgage securities underwater
10:54 Politics of inflation – housing affordability crisis
13:10 Viewer housing question response – Florida 1924 parallels
15:32 DC trip on GSEs – still no roadmap from Treasury
18:43 Fannie/Freddie trade – made 30% then got out
19:54 Taking profits
22:36 Watching the herd mentality
25:20 Dollar/deficit thesis – weaker dollar, Treasury pressure ahead
27:47 Fed restructuring vision – eliminate Board of Governors
31:09 Housing emergency declaration – resuming MBS purchases discussion
33:51 Mixed economy – wealthy vs bottom quartile struggling
34:34 Debt myths – Americans love inflation, debt is currency
36:18 Highest conviction trade – gold and strategic silver

Richard Christopher Whalen is an investment banker and author who lives in New York City. He is Chairman of Whalen Global Advisors LLC and focuses on the financial services, mortgage finance and technology sectors.

  chris whalen, economy, Fed, gold, housing, interest rates, silver