Today's episode examines the breakdown of the era of cheap capital as energy volatility and semiconductor demand drive a structural decoupling of central bank mandates from inflation trends. We analyze how the convergence of the AI super-cycle and maritime instability in the Strait of Hormuz is creating a new macro regime defined by persistent inflationary friction.

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0:00 - Introduction
0:35 - Inflation, Interest Rates, and the New Macro Regime
10:27 - The AI Super-Cycle and Silicon Sovereignty
16:59 - Chokepoints and Conflict: The Global Energy Crisis
21:22 - Conclusion

Referenced sources:
EM Fixed Income Assessing EM amid the global repricing of rates (At Any Rate)
Surging Borrowing Costs, EU-US Deal Advances, Nuns Get Financially Savvy (Bloomberg Daybreak: Europe Edition)
Target Tempers Expectations After Best Sales Gain in Years (Bloomberg Intelligence)
Home Depot's Sales Fall Short on Lackluster Housing Recovery (Bloomberg Intelligence)
Bloomberg Surveillance TV May 20th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Paul Sankey & James Egelhof (Bloomberg Surveillance)
Concerns Over Long Term Yields and Oil Prices (Bloomberg Surveillance)
Bloomberg Surveillance TV May 19th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Joe Lavorgna & Becca Wasser (Bloomberg Surveillance)
Can the Asia Equity Rally Continue (Exchanges)
Trapped in the Strait of Hormuz (The Journal.)
280. Should the government set food prices (The Rest Is Money)
The Case for Staying Bullish on Equities (Thoughts on the Market)
Top of the Morning Election Watch - Unified government at a crossroads (UBS On-Air: Market Moves)
UBS On-Air Paul Donovan Daily Audio 'Capping inflation' (UBS On-Air: Market Moves)
Luxury during wartime (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.