The Fed held rates steady, but it didn't take long for President Trump to criticize Powell. Maggie Lake sits down with Kevin Muir, author of the Macro Tourist newsletter to talk about interest rates, the impact of Trump tariff policy and why he thinks US equities are at risk for a big correction. They also talk about why he is bearish Canada and why every investor need to pay attention to foreign exchange markets. . Don't miss out on future episodes - get on the list here: https://maggielake.markets/notify-me Connect with me on Substack: https://maggielake.substack.com Connect with me on Twitter: https://x.com/maggielake For more on Kevin's work: https://substack.com/@themacrotourist 00:00 - Introduction: Kevin Muir on Market Risks and Opportunities 00:30 - Is the Fed on Hold? What’s Next for Interest Rates 01:20 - Market Overconfidence: The Cliff of Overconfidence vs. Wall of Worry 03:40 - AI, Tech, and the Market’s Reaction to DeepSeek 06:15 - Market Euphoria: Signs of a Topping Pattern? 08:38 - Rotation Risks: Will Small Caps and Value Stocks Take Over? 11:26 - Is Gold a Safe Haven or a Central Bank Game? 14:22 - How Bearish Is Kevin? The One-Year S&P Outlook 17:15 - Commodities: Copper, Platinum, and Palladium Opportunities 21:26 - Canada’s Economic Challenges: Housing, Debt, and Immigration 26:42 - Tariffs, Trade Wars, and Canada’s Vulnerability 30:49 - Trump’s Economic Plans and the Market’s Complacency 35:13 - The Biggest Market Risk: FX Volatility on the Horizon 37:52 - Closing Thoughts: How to Navigate an Uncertain Market

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