Ryan Grim

His story to me is very, very sad.

The things that he's talked about with his marriage and his depression, let alone how difficult it has been to just function neurologically.

It's very, very sad.

And the people of Pennsylvania deserve better.

We're excited to be joined once again by Rohit Chopra, who is the incoming Secretary of Business and Consumer in California.

We have a new Fed chair being sworn in today, Kevin Warsh, and we're excited to have you here for some analysis.

Thanks for coming back on the show.

Well, let's start by wading into this debate about how independent the Fed actually is, because that was really the debate swirling around Warsh, not just at his confirmation hearing, but ahead of his confirmation hearing.

Trump ended up dropping the investigation into Jay Powell over the construction at Warsh.

the Treasury, and it's just been this example of Trump trying to exert his sort of personal touch in a way that obviously smacks of corruption to like exert his influence in another area that has long been held up in DC circles as independent and so precious, its independence is so precious.

But I think you can probably help us understand the extent to which that was actually true, not from a perspective of saying, hey,

Donald Trump, he's got the right idea here.

But just it's another one of those cases where he's kind of putting the lie to something that probably needed to have some debunking anyway.

Well, what's going on in the bond market?

Tuesday, you had these 30-year treasury notes hit a high of 5.18 or 5.19.

You've got the 10-year note closing in on 4.7, which is just absolutely massive.

What is...

So Trump wants to control the Fed, but the Fed is still kind of hooked into the global economy and is, as Crystal was saying, kind of constrained by reality as well.

So what is this bond market?

What is it doing?