Anthony and Piers return to break down a busy start to 2026. They cover Wall Street’s Q4 earnings, where Morgan Stanley shines amid a wave of tech-led bond issuance, while J.P. Morgan and Goldman show mixed results.

They also dig into Trump’s proposed cap on credit card interest, his DOJ probe into Fed Chair Powell, and the implications for central bank credibility. Oil markets react to rising tensions in Iran and developments in Venezuela, while the latest US inflation data shows progress but risks remain.

Plus, why 2026 GDP growth could surprise to the upside if inflation and wage pressures stay in check.

(00:00) Intro and Overview of Key Topics

(01:36) Bank Earnings: A Mixed Bag

(03:39) Morgan Stanley DCM Boom

(11:01) BlackRock $14 Trillion AUM

(14:09) Trump's Proposed Credit Card Cap

(18:19) Powell and the Fed Investigation

(22:16) Geopolitics: Iran and Venezuela

(27:59) CPI Trends and Economic Outlook

(32:11) Wage Price Spiral