The Treasury is increasing its long term bond buybacks, but Chuck Zodda and Marc Fandetti argue the move does little to address the deeper forces pushing global yields higher.

Chuck and Marc explain why the Treasury’s buyback plan is more important as a signal than as a market moving tool, how swapping long term debt for short term borrowing could worsen the fiscal picture, and why investors may respond by moving toward hard assets like gold. They also discuss whether the move conflicts with Kevin Warsh’s less interventionist approach at the Fed, how it could affect the bond market’s ability to price inflation risk, and why long term borrowing costs matter for housing, corporate investment, and the broader economy. Plus, Todd Lutsky joins for Ask Todd to explain how irrevocable Medicaid trusts can help with estate taxes, probate, and long term care planning.

The 2026 DAV 5K Boston sold out 82 days before race day, marking the event’s sixth consecutive sellout and highlighting the community’s commitment to honoring and supporting veterans.

Dan Stack, CEO of the Disabled American Veterans Department of Massachusetts, joins Mike Armstrong to explain what makes the November 7 event at Castle Island so special. They discuss the hundreds of veterans participating, the Howitzers and Boston fire boat, the Heroes on the Hill tribute, and the DAV programs that help veterans with benefit claims, transportation to medical appointments, housing, and other essential services. Dan also shares details about the Applied Underwriters Invitational golf tournament at Granite Links.

Stocks have delivered exceptional returns despite a pandemic, inflation, wars, banking stress, rising rates, and repeated recession fears. But high valuations and the enormous expectations surrounding AI mean the next several years may look very different.

Mike Armstrong and Marc Fandetti discuss why long term investors have historically been rewarded for staying invested, how retirement does not automatically eliminate a decades long investment horizon, and why becoming too conservative can leave a portfolio vulnerable to inflation. They also examine how rising Treasury yields worsen the government’s debt problem, why bondholders may ultimately be repaid in dollars with less purchasing power, and what could threaten the dollar’s reserve currency advantage. Plus, Dan Stack explains why the DAV 5K Boston sold out months in advance, and the show covers falling auto insurance premiums, rising sugar prices, GLP 1 restaurant menus, and why lower airline fares may not be coming anytime soon.

Long term government bond yields have reached their highest levels in nearly two decades, but rising rates cannot be blamed on deficits alone.

Mike Armstrong and Marc Fandetti explain how bond prices and yields move, why inflation expectations and changing investor demand can push borrowing costs higher, and why the global nature of the selloff matters. They also discuss Home Depot’s struggle with a frozen housing market, the expansion of buy now pay later loans into groceries and utility bills, and whether that trend signals growing consumer stress. Plus, they examine financial pressure on Massachusetts universities and Kevin Warsh’s effort to rethink how the Federal Reserve communicates policy and measures inflation.

Big Tech earnings have helped push stocks higher, but some of those profits are coming from rising private company valuations and financing arrangements that may not reflect the strength of the underlying businesses.

Chuck Zodda and Mike Armstrong examine whether the latest earnings boom is partly an accounting mirage, how future depreciation from massive AI infrastructure spending could pressure profits, and how much new revenue hyperscalers may need to justify more than $1 trillion in annual capital expenditures. They also discuss why the home improvement slump may continue, how Walmart has pulled away from Target and other large retailers, and why financial advice on TikTok can make users more confident without making them more knowledgeable. Plus, they debate government ownership of AI companies, price controls, and the risks of trying to redistribute wealth created by the AI boom.

Stocks are on pace for a fourth consecutive year of double digit gains, but the growing influence of AI has made the broader market far less diversified than many investors may realize.

Chuck Zodda and Mike Armstrong discuss whether investors should hedge after the market’s extended run, why long term investors should think differently from short term traders, and how concentrated positions can take years to recover after a crash. They also examine how much of the S&P 500 is now tied to the AI trade, why government deficits and massive corporate spending continue to support the economy, and whether AI borrowing is really responsible for rising Treasury yields. Plus, they look at wages falling behind inflation and the potential advantages and reputational risks of frequently changing jobs.

The Los Angeles Lakers are being sold for $12.5 billion only a year after changing hands for $10 billion, illustrating why private equity firms and sovereign wealth funds are increasingly drawn to professional sports.

Chuck Zodda and Mike Armstrong explain how scarcity, rising global wealth, and soaring franchise values have transformed sports teams into assets that few individual buyers can afford. They also discuss why watching sports has become more expensive and frustrating as games spread across an growing number of streaming platforms, and Susan Powers joins the show to explain key Social Security decisions for married couples, divorced spouses, and widows. Plus, they cover rising diesel and heating oil prices, Mark Zuckerberg’s AI manifesto, unusual recession indicators, pickleball noise complaints, and the appeal of mystery vacations.

Retail sales disappointed in July, but the market reaction suggests consumer weakness may not carry the same economic weight it once did.

Chuck Zodda and Mike Armstrong explain why weaker consumer spending is being offset by massive corporate capital expenditures, AI infrastructure investment, and persistent federal deficits. They also discuss the costliest 30 year Treasury auction since 2001, why higher bond yields cannot be blamed on deficits alone, and what it would actually take for Washington to address the country’s fiscal problems. Plus, they look at how investments in Anthropic and other private AI companies are boosting Big Tech earnings, why the largest technology firms have become increasingly tied to one another, President Trump’s proposed drone tariffs, and the economic boost Boston received from the World Cup.

Gen Z investors are increasingly treating sports betting as part of their long-term financial strategy, but Chuck Zodda and Mike Armstrong explain why gambling and investing should not be confused.

Chuck and Mike discuss why sports betting is not a substitute for investing, how variance can make short-term gambling wins look like skill, and why mixing betting products with investment accounts could damage confidence in capital markets. They also look at Wall Street’s widening disagreement over price targets, why analyst forecasts may be especially unreliable when opinions diverge, and Anthropic’s push toward a possible $2 trillion IPO valuation. Plus, they cover whether investors deserve more details when a CEO takes medical leave, why pricey club sports are putting more pressure on families, and how limited recreational infrastructure has helped drive those costs higher.