This week: the new Trump Accounts for children officially launched over the July Fourth holiday, and we walk through what they are, how the money is taxed, and where they might fit alongside 529 plans and other savings vehicles. Then we look at the U.S. dollar, which has fully reversed a weak start to the year, and explain why currency movement can reach places you might not expect — including funds that hold international stocks. We close with a plain-language guide to earnings season, which begins this week, and why a company can beat expectations and still see its stock fall. Educational only; not personalized advice. Full sources in show notes.

Sources (article, author, date, link):
- The Wall Street Journal — "'Trump Accounts' Are Now Live. Here's What to Know." (Ashlea Ebeling and Richard Rubin, updated July 6, 2026): https://www.wsj.com/personal-finance/trump-accounts-kids-explained-4b75b803
- Barron's — "Trump Accounts Count on Big Returns. The Math Suggests Otherwise." (Elijah Nicholson-Messmer, July 4, 2026): https://www.barrons.com/articles/trump-accounts-returns-inflation-f90c0c3a
- Barron's — "Warsh's First Fed Minutes Show Few Changes, Highlight Rate Divide" (Megan Leonhardt, July 8, 2026): https://www.barrons.com/articles/fed-minutes-today-kevin-warsh-8fa57478
- U.S. Treasury Department — Trump Accounts program page (program details, contribution mechanics, projection assumptions): https://trumpaccounts.gov
- Internal Revenue Service — Form 4547 (account opening form referenced in Story 1): https://www.irs.gov/forms-instructions
- Federal Reserve — FOMC minutes, June 16–17, 2026 meeting (rate decision at 3.50–3.75%, divided committee outlook, inflation risks tilted to the upside): https://www.federalreserve.gov/monetarypolicy/fomcminutes20260617.htm
- Federal Reserve — H.10 Nominal Broad U.S. Dollar Index (DTWEXBGS) (daily index reading near 121 as of July 2, 2026, notably above the late-January low): https://www.federalreserve.gov/releases/h10/summary/
- Federal Reserve — FOMC meeting calendar (July 28–29, 2026 next scheduled rate decision): https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
- CNBC — "U.S. job creation cools in June with payrolls growth of just 57,000; unemployment rate at 4.2%" (July 2, 2026; rate-expectation shift after softer June payrolls print): https://www.cnbc.com/2026/07/02/jobs-report-june-2026-.html
- U.S. Bureau of Labor Statistics — The Employment Situation, June 2026 (payrolls +57,000; April/May revised down by 74,000 combined; unemployment rate 4.2%; labor force participation decline; released July 2, 2026): https://www.bls.gov/news.release/empsit.nr0.htm
- FactSet Earnings Insight — "Analysts Made Largest Increases to Quarterly EPS Estimates for S&P 500 Companies Since 2021" (John Butters, July 2026; Q2 2026 bottom-up EPS estimate rose 3.4% versus a five-year historical average of −2.0% during a quarter): https://insight.factset.com/analysts-made-largest-increases-to-quarterly-eps-estimates-for-sp-500-companies-since-2021
- FactSet Earnings Insight — Weekly report, June 26, 2026 edition (underlying data set supporting the Q2 2026 preview): https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_062626.pdf

New episodes weekly. The Wealth Recap is produced by Buckley Wealth and is for educational and informational purposes only. Nothing in this podcast is personalized financial advice or a recommendation to buy or sell any security. Buckley Wealth is an SEC-registered investment adviser; registration does not imply a certain level of skill or training.

This is a holiday-shortened week, so ahead of Independence Day we take a slower look at four everyday financial systems most people deal with but rarely get explained.

In this episode:
1. The hidden cost in how mortgages are priced — why identical borrowers get different rates, and why shopping around matters.
2. Where inflation actually comes from, and how we measure it — the AI data-center build-out as a new source of price pressure, plus why the Fed watches PCE instead of CPI.
3. What leveraged ETFs really do — how the daily reset works, why compounding can pull them away from the index over time, and why regulators say they generally are not built for buy-and-hold.
4. Why student debt is following more Americans into retirement — how balances grow, how the Treasury Offset Program works, and what exits from default exist.

Sources (article, author, date, link):
- Bankrate — "87% of American Borrowers Are Overpaying for Their Mortgages, Costing Households $65B Annually" (Matt Fellowes, June 26, 2026): https://www.businesswire.com/news/home/20260626506583/en/
- Freddie Mac — Primary Mortgage Market Survey, 30-year fixed at 6.49% (June 25, 2026): https://www.freddiemac.com/pmms
- The Wall Street Journal — "The AI Data-Center Boom Is Sparking a Third Wave of Inflation" (Justin Lahart, June 24, 2026): https://www.wsj.com/economy/the-data-center-boom-is-sparking-a-third-wave-of-inflation-926adc6e
- U.S. Bureau of Economic Analysis — Personal Income and Outlays, May 2026; PCE price index +4.1% year over year, core +3.4% (released June 25, 2026): https://www.bea.gov/news/2026/personal-income-and-outlays-may-2026
- MarketWatch — "Investors piled into ETFs at a record pace in the first half of 2026" (Christine Idzelis, June 30, 2026): https://www.marketwatch.com/story/investors-piled-into-etfs-at-a-record-pace-in-the-first-half-of-2026-heres-where-their-money-is-flowing-92a50cf5
- U.S. Securities and Exchange Commission — Updated Investor Bulletin: Leveraged and Inverse ETFs: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/sec
- FINRA — Non-Traditional ETFs FAQ (leveraged and inverse ETFs reset daily): https://www.finra.org/rules-guidance/key-topics/etf/non-traditional-etf-faq
- The Wall Street Journal — "They're in Their 60s and Their Student Loans Won't Let Them Retire" (Oyin Adedoyin, June 29, 2026): https://www.wsj.com/personal-finance/student-loan-debt-retirement-865978d2
- Consumer Financial Protection Bureau — Issue Spotlight: Social Security Offsets and Defaulted Student Loans: https://www.consumerfinance.gov/data-research/research-reports/issue-spotlight-social-security-offsets-and-defaulted-student-loans/

New episodes weekly. The Wealth Recap is produced by Buckley Wealth and is for educational and informational purposes only. Nothing in this podcast is personalized financial advice or a recommendation to buy or sell any security. Buckley Wealth is an SEC-registered investment adviser; registration does not imply a certain level of skill or training.

Some weeks the headlines do the talking. This week, we look instead at four systems that quietly shape financial life — and what each one looks like once you understand how it works:

• Medical pricing — why the same procedure can carry very different prices depending on where and how it is billed, and what gives a patient leverage over the final number.

• Retirement spending — new research suggesting many people may spend less as they age, not more, and why that challenges an assumption built into a lot of planning.

• Wealth-planning structures — how trusts, completed gifts, and the idea of "economic substance" actually work, and why they matter well below the billionaire line.

• The Federal Reserve — at his first meeting as chair, Kevin Warsh moved to tell markets less about where the Fed is headed. We explain what forward guidance is and what changes when a central bank decides to provide less of it.

SOURCES

Story 1 — Medical pricing

"Move Over, Student Debt. Medical Bills Threaten to Derail Young Adults' Finances" — Isaac Taylor, The Wall Street Journal, June 13, 2026 (subscription)

https://www.wsj.com/personal-finance/young-adult-finance-medical-bill-debt-e39b0123

Story 2 — Retirement spending

"Go Ahead, Take That Vacation. You May Be Spending Too Little in Retirement" — Elizabeth O'Brien, Barron's, June 11, 2026 (subscription)

https://www.barrons.com/articles/retireesspending-plan-investments-annuities-long-term-care-inflation-4d0f9be9

Underlying research: David Blanchett, forthcoming in Financial Planning Review

Story 3 — Wealth-planning structures

"Rich Californians Are Finding Creative Ways to Get Ahead of the Billionaire Tax" — Juliet Chung, The Wall Street Journal, June 13, 2026 (subscription)

https://www.wsj.com/personal-finance/taxes/rich-californians-are-finding-creative-ways-to-get-ahead-of-the-billionaire-tax-57afa458

One Thing to Think About — The Federal Reserve

Federal Reserve — FOMC statement and Summary of Economic Projections, June 17, 2026

https://www.federalreserve.gov/newsevents/pressreleases/monetary20260617a.htm

"Warsh Moves to Kill Fed Guidance. But the Message Is Clear: Rate Hikes Are Likely" — Megan Leonhardt, Barron's, June 17, 2026 (subscription)

https://www.barrons.com/articles/warsh-fed-guidance-interest-rates-2d00474b

"Fed interest rate decision, June 2026" — CNBC, June 17, 2026

https://www.cnbc.com/2026/06/17/fed-interest-rate-decision-june-2026.html

New episodes weekly.

The Wealth Recap is produced by Buckley Wealth and is for educational and informational purposes only. Nothing in this podcast constitutes personalized financial advice, a recommendation, or a solicitation to buy or sell any security. Buckley Wealth is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. You can access our Form ADV Part 2A at adviserinfo.sec.gov. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal.

This week on The Wealth Recap: a strong May jobs report, inflation crossing 4 percent, and what the two together may mean for the path of interest rates, including why a headline above 4 percent does not necessarily mean price pressures are broad-based. Then, a closer look at the 2026 Social Security Trustees Report and what "depletion" actually means, including why scheduled benefits would not fall to zero. We also explore a quiet shift in how families pass down wealth, giving gradually during life rather than leaving a single inheritance. And to close, the economics behind the 2026 World Cup, and why economists tend to view giant event forecasts with caution.

New episodes weekly.

Sources:
- U.S. Bureau of Labor Statistics, Employment Situation, May 2026: https://www.bls.gov/news.release/empsit.nr0.htm
- U.S. Bureau of Labor Statistics, Consumer Price Index, May 2026: https://www.bls.gov/news.release/cpi.htm
- CNBC, "The May inflation numbers are due out Wednesday morning. Here's what to expect": https://www.cnbc.com/2026/06/09/the-may-inflation-numbers-are-due-out-wednesday-morning-heres-what-to-expect.html
- Barron's, "When Fear Came to the Stock Market": https://www.barrons.com/articles/stock-market-fear-volatility-vix-75bbe42a
- Social Security Administration, 2026 Trustees Report (press release): https://www.ssa.gov/news/en/press/releases/2026-06-09.html
- The Wall Street Journal, "Social Security Now Expects Shortfall Earlier, in Late 2032": https://www.wsj.com/politics/policy/social-security-trust-insolvency-2032-d26bf25e
- The Wall Street Journal, "Forget the Inheritance. These Readers Are Passing Down Their Money Now.": https://www.wsj.com/economy/forget-the-inheritance-these-readers-are-passing-down-their-money-now-36805713
- Barron's, "The $13 Billion World Cup: Inside FIFA's Massive Moneymaking Play": https://www.barrons.com/articles/world-cup-2026-fifa-money-business-77731ad1

This week: Credit card delinquencies have reached their highest level since the financial crisis, with $1.25 trillion in total balances and average rates at 21%, and we explain how compound interest can work against borrowers. Americans are saving more for retirement than ever before, but the gap between who has access to a plan and who does not reveals a significant divide. The World Cup kicks off next week across eleven U.S. cities with projections of $17.2 billion in economic activity, and we look at whether those numbers hold up to scrutiny. And a policy proposal that could change what types of investments are available inside retirement plans has drawn nearly 45,000 public comments, centered on a concept worth understanding: fiduciary duty.

Sources referenced in this episode:
WSJ (Credit Card Debt) — https://www.wsj.com/personal-finance/credit/us-credit-card-debt-af5c7c77
Federal Reserve Bank of New York (Consumer Credit Panel) — https://www.newyorkfed.org/microeconomics/hhdc
Federal Reserve (G.19 Credit Card Rate Survey) — https://www.federalreserve.gov/releases/g19/current/
Barron's (Retirement Savings) — https://www.barrons.com/articles/retirement-savings-rate-fidelity-e711bf75?refsec=retirement&mod=topics_retirement
Fidelity Investments (Q1 2026 Retirement Analysis) — https://newsroom.fidelity.com/pressreleases/fidelity-q1-2026-retirement-analysis--401-k--and-403-b--savings-rates-reach-record-levels--despite-u/s/f8f4ee41-ab58-4f14-9adb-dcb4feb3f2c7
CBS News (World Cup Tourism) — https://www.cbsnews.com/news/world-cup-fifa-2026-tourism-us
FIFA/WTO (Economic Impact Study) — https://digitalhub.fifa.com/m/152f754a8e1b3727/original/FIFA-World-Cup-2026-Socioeconomic-impact-analysis.pdf
Euronews (World Cup Analysis) — https://www.euronews.com/business/2026/06/02/the-2026-world-cup-billions-promised-but-will-the-economic-boom-arrive
Barron's (401(k) Alternatives Proposal) — https://www.barrons.com/advisor/articles/public-comments-alts-401k-rule-proposal-67b7fedf?refsec=economy-and-policy&mod=topics_economy-and-policy
U.S. Department of Labor (Proposed Rule) — https://www.dol.gov/newsroom/releases/ebsa/ebsa20260330

New episodes weekly.

This week: Kevin Warsh was sworn in as the new Federal Reserve Chair, and we explain what he means by a "reform-oriented" Fed and why the balance sheet may matter as much as interest rates. A key measure of expected stock returns versus bond yields has shrunk to its narrowest level since the dot-com era, and we explain the equity risk premium. SpaceX filed to go public at a valuation approaching $2 trillion — potentially the largest IPO in history — and we break down what an IPO is and how companies entering public markets can become part of major stock indices. And a building that sold for $100 million a decade ago just sold for $3 million, and the story behind that number may change how you think about real estate.

Sources referenced in this episode:
Barron's — https://www.barrons.com/articles/spacex-ipo-how-to-buy-risk-openai-anthropic-e48e5e9b
CBS News — https://www.cbsnews.com/news/kevin-warsh-sworn-in-federal-reserve-chair/
CBRE — https://www.cbre.com/insights/figures/denver-downtown-office-figures-q1-2026
CNBC (CME FedWatch) — https://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html
CNN — https://edition.cnn.com/2026/05/22/economy/kevin-warsh-sworn-in-fed-chair
Federal Reserve (H.4.1) — https://www.federalreserve.gov/releases/h41/current/
Federal Reserve (H.15 Daily Yields) — https://www.federalreserve.gov/releases/h15/
ICI (Active and Index Investing) — https://www.ici.org/research/stats/combined_active_index_0326
WSJ (Equity Risk Premium) — https://www.wsj.com/finance/stocks/the-risk-premium-for-holding-stocks-over-bonds-is-vanishing-95be5b9d
WSJ (Denver Office Conversions) — https://www.wsj.com/real-estate/commercial/america-s-emptiest-downtown-f1f4cdf1

New episodes weekly.

This week: Bond yields hit levels not seen since before the 2008 financial crisis, with the 30-year Treasury reaching 5.2% and the 10-year at 4.68%, and we explain what that means for borrowing, saving, and the broader economy. President Trump called off a planned military strike on Iran on Monday, citing serious negotiations, and oil prices moved within minutes. Business schools are cutting MBA tuition by as much as 50% as AI reshapes what the job market rewards. And we take a snapshot of what it actually costs to borrow money right now, from mortgages to car loans to credit cards.

Sources referenced in this episode:
CME FedWatch (via CNBC) — https://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html
CNBC (Treasury yields) — https://www.cnbc.com/2026/05/19/treasurys-yields-inflation-traders-fed-interest-rates.html
CNBC (Fed hike odds) — https://www.cnbc.com/2026/05/19/fed-to-hike-when-traders-see-a-rate-increase-coming.html
CNBC (borrowing costs) — https://www.cnbc.com/2026/04/29/fed-interest-rates-april.html
Edmunds (via CNBC) — see CNBC borrowing costs link above
Federal Reserve (credit card rates) — https://fred.stlouisfed.org/series/TERMCBCCALLNS
Freddie Mac — https://www.freddiemac.com/pmms
NPR — https://www.npr.org/2026/05/19/g-s1-122762/trump-says-hes-called-off-iran-strike
U.S. Department of Education — https://studentaid.gov/understand-aid/types/loans/interest-rates
WSJ — https://www.wsj.com/lifestyle/careers/there-is-a-fire-sale-on-m-b-a-s

New episodes weekly.

This week: A new inflation report shows consumer prices rose 3.8% over the past year, the highest rate since May 2023, with grocery prices posting their largest monthly increase since August 2022. The Federal Reserve cut rates three times last year, but mortgage rates have barely moved, and we explain why. President Trump traveled to Beijing this week for a state visit with President Xi, and we look at how trade policy between the two countries can affect consumer prices. And there is a growing debate over whether to suspend the federal gas tax, so we break down what it is, what it funds, and whether it would actually help at the pump.

Sources referenced in this episode:
AAA — https://gasprices.aaa.com/
Bipartisan Policy Center — https://bipartisanpolicy.org/explainer/the-hidden-cost-of-a-gas-tax-holiday/
BLS (CPI report) — https://www.bls.gov/news.release/cpi.nr0.htm
BLS (full report PDF) — https://www.bls.gov/news.release/pdf/cpi.pdf
CNBC (CPI analysis) — https://www.cnbc.com/2026/05/12/cpi-inflation-april-2026-.html
CNBC (gas tax) — https://www.cnbc.com/2026/05/12/trump-gas-tax-suspension.html
CNN (gas tax) — https://www.cnn.com/2026/05/11/business/federal-gas-tax-suspension-trump
CRS/CBO (Highway Trust Fund) — https://www.congress.gov/crs-product/R48472
Freddie Mac — https://www.freddiemac.com/pmms
NPR — https://www.npr.org/2026/05/12/nx-s1-5818529/trump-china-iran-war
EIA (state gas taxes) — https://www.eia.gov/todayinenergy/detail.php?id=67165

New episodes weekly.

This week: The government's first look at Q1 GDP shows the economy grew 2%, but AI-related investment did much of the heavy lifting while consumer spending on dining and everyday goods pulled back. The Wall Street Journal reports on the Great Wealth Transfer, an estimated $124 trillion set to change hands by 2048, and we explain what that actually looks like for many families. The U.S. pauses Project Freedom, its effort to guide ships through the Strait of Hormuz, as oil stays above $100 and gas hits $4.54. And the country is short roughly 4 to 5 million homes and millions of childcare slots at the same time, creating a double squeeze on family budgets.

Sources referenced in this episode:
AAA — https://gasprices.aaa.com/
BEA — https://www.bea.gov/news/2026/gdp-advance-estimate-1st-quarter-2026
CEPR — https://cepr.net/publications/first-quarter-gdp-2026/
Cerulli Associates — https://www.cerulli.com/press-releases/cerulli-anticipates-124-trillion-in-wealth-will-transfer-through-2048
CNBC — https://www.cnbc.com/2026/05/06/oil-prices-trump-pauses-strait-of-hormuz-escort-effort.html
CNN — https://www.cnn.com/2026/05/04/world/live-news/iran-war-hormuz-trump
Congressional Research Service — https://www.congress.gov/crs-product/IN12628
Federal Reserve — https://www.federalreserve.gov/releases/z1/dataviz/dfa/
ISM — https://www.ismworld.org/
NPR — https://www.npr.org/2026/05/05/nx-s1-5811770/iran-war-updates
St. Louis Federal Reserve — https://www.stlouisfed.org/on-the-economy/2026/jan/tracking-ai-contribution-gdp-growth
U.S. Treasury Department — https://home.treasury.gov/news/press-releases/jy0355
Wall Street Journal — https://www.businessreport.com/article/the-110-trillion-great-wealth-transfer-may-take-decades-to-play-out

New episodes every Wednesday.

This week: The UAE quits OPEC after nearly 60 years, and we explain what OPEC is and why it matters for gas prices. Consumer confidence hits its lowest level since 1978, even as stocks sit near all-time highs. The Federal Reserve holds rates steady in its most divided vote in over 30 years. And the world's most valuable AI company misses its own growth targets, which tells us something important about how new industries work.

Sources:

• NPR — UAE leaves OPEC: https://www.npr.org/2026/04/28/nx-s1-5802735/uae-leaves-opec-oil
• CNN — UAE/OPEC live updates + energy minister: https://www.cnn.com/2026/04/28/world/live-news/iran-war-trump-israel
• CNBC — Oil prices / market data: https://www.cnbc.com/2026/04/28/openai-reportedly-missed-revenue-targets-shares-of-oracle-and-these-chip-stocks-are-falling.html
• AAA — National gas prices: https://gasprices.aaa.com/
• CNBC — Consumer sentiment / inflation expectations: https://www.cnbc.com/2026/04/10/consumer-sentiment-inflation-fears-iran-war.html
• WSJ / Yahoo Finance — OpenAI missed targets: https://finance.yahoo.com/markets/stocks/articles/openai-misses-revenue-user-growth-144605121.html
• Federal Reserve — FOMC calendar: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
• CNBC — Fed decision / 8-4 split / Powell presser: https://www.cnbc.com/2026/04/29/fed-interest-rate-decision-april-2026.htm
• NBC News — Powell staying on as governor: https://www.nbcnews.com/business/economy/powell-fed-meeting-interest-rates-rcna342520
• CNBC — OpenAI $122B funding round close: https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html