Earnings season is here, and Wall Street’s heavyweights came out swinging. Anthony and Piers unpack how Goldman Sachs and Morgan Stanley crushed Q2, driven by record trading revenues and a surprise rebound in deal flow.

They explore Morgan Stanley’s booming wealth arm with $59 billion in fresh inflows, and how JP Morgan’s universal model is thriving, from trading floors to retail lending. Plus, BlackRock’s puzzling $52 billion client pullout, a bond ETF surge, and crypto ETFs making noise.

Also: inflation surprises in the UK and US, and Trump’s “Twaco” trade rakes in $64 billion in tariff revenue.

A easy to understand breakdown of the macro forces steering the summer markets.

(00:00) Intro & Themes in Focus

(01:30) Goldman Sachs, Morgan Stanley Earnings

(08:07) The Goldman Model Business Explained

(10:01) What is FICC and Equities in a Bank?

(16:18) Wealth Management and Its Importance

(20:46) J.P. Morgan: How a Universal Bank Works

(24:35) BlackRock Q2 earnings summary

(31:30) Inflation Trends in the UK and US

(39:44) Trump Tariff Revenues & TWACO