On this episode of The Rate Guys we talk about how last week the 10 Year Treasury spiked, the dollar slipped, and headlines claim the world is ditching the U.S. JP breaks down what really happened — and why it's probably not about deficits or de-dollarization.

From CPI cooling to basis swap unwinds, it was one of the wildest weeks of JP's career. He explains the chaos, calls out the hype, and reminds us: reducing exposure isn't the same as betting against the U.S.

To check out the graphs referenced - check out the Pensford Newsletter

This week's episode of The Rate Guy is dedicated to tariffs, tariffs and more tariffs. Trying to make sense of what they'll do to interest rates, what is keeping us up about them and the 2 things that will make the Fed start cutting rates in June.

This week's episode explores The Uncertainty Bends™—a not-so-scientific condition where markets, like vacationers, decompress too fast and suffer the consequences. With consumer confidence plunging, discretionary spending slowing, and the Fed stuck between inflation and recession fears, signs point to growing instability.

We unpack:

• The latest on interest rates and consumer behavior

• Why sentiment may be flashing recession signals

• What's driving economic uncertainty—and how long it could last

Also, somehow this marks 5 years of podcasting unfiltered, occasionally accurate, and questionably useful economic insights. Thanks for listening (and surviving) with us!

On this episode of The Rate Guy we talk tariffs, recession, GDP and of course Jobs, and why the number may be scarier that we think.

Here is the SOS Recession Indicator that JP references as well as the sweet cardboard cut out of Saquon leaping backwards over J. Powell! Thanks Craig!

What if the Fed's inflation target was a range of 2%-3% instead of a hard 2%? Would the market be as anxious? Core PCE is at 2.6%—inflation may not be fully defeated, but it's contained enough for the Fed to shift focus.

Meanwhile, money supply is rising, but without velocity, it's just sitting on the sidelines. The real driver of inflation? Money changing hands—something we'll be watching closely.

Plus:

• The Atlanta Fed's GDP forecast just fell off a cliff—from 4% growth to -1.5%. The culprit? Tariffs.
• Job market warning signs: layoffs, spending freezes, and consumer pullback.
• Treasury yields react post-Eagles Super Bowl win—are we headed back below 4%?

It's all in this week's episode.

On this episode of The Rate Guy we lay out two lists. The first is our Top 10 favorite things from going to the Super Bowl. And then 59 reasons why the 10 Yr Treasury will fall to 4%. All of the reasons may or may not be directly related, but you can be the judge of that!

On this episode of The Rate Guy, we discuss the Eagles vs. Chiefs showdown—and why it's a brutal matchup for the Birds. But we also talk about the games market parallels!

Mahomes = Inflation. Refs = Tariffs. Hurts = GDP. Jake Elliott = The 10-Year Treasury.

What does it all mean for the game and the economy? Tune in for Super Bowl takes, market insights, and just the right amount of Philly bias. Go Birds!

On this episode of The Rate Guy podcast we talk about 47's effect on rates, what to expect at this week's Fed meeting and of course a little bit of playoff football. This one's short and sweet because JP's is just too hype for the Eagles game. Go Birds!

On this episode of The Rate Guy we discuss inflation data and an interest rate outlook for 2025.

On this episode of The Rate Guy, we talk the latest jobs report, challenging the narrative that the economy is overheating. We also break down this week's inflation data and what it could mean moving forward.

We also explore a possible rebuilding strategy for LA. Southern California is like a second home to us, and we're holding LA, its residents, our friends and customers close in our thoughts and prayers during this horrific time.