Fresh inflation and jobs data may finally be setting the stage for additional rate cuts, and a new chapter at the Federal Reserve could bring much-needed stability. With Kevin Warsh stepping in as Fed Chair, Mark and Jeff discuss whether the Fed can fade from the national spotlight and refocus on steady, predictable policy.

The conversation also dives into Opendoor's strategic pivot toward dramatically higher transaction volume at thinner margins. It's a bold move that raises one big question: can they price homes accurately enough to make it work?

To close, Mark and Jeff tackle housing affordability through a different lens. Home prices jumped from $131 per square foot in 2015 to $217 in 2024, but measured in gold, the average home cost roughly 500 ounces in 2002 versus just 76 ounces in 2025. What do these numbers really tell us about affordability, inflation, and value?