00:00Thank you
00:30Thank you
01:00Thank you
01:30The end
02:08I'm sorry
02:46I’m sorry
03:03Thank you
03:20I'm sorry
03:37Thank you
03:55I'm out
04:25Thank you
04:55Thank you
05:25Thank you
05:37Hello and welcome to Martin Lucas Investor
05:50My name is Sensei, and you are here watching a special event on the FOMC Minutes
06:03If you don't know what the FOMC Minutes are, I consider them as important, and sometimes even more important than the FOMC report itself
06:15This is where we get to see the behind the scenes of what the Fed officials were discussing in the meeting where they decided to hike rates just last month in September
06:26So, we all know that there were rate hikes
06:28The FOMC came to a decision to raise rates
06:33Kevin Walsh came out and said it was a unanimous decision
06:35The rates went up
06:39And now the..
06:43The question is, are they going to do it again? Or is that it? Well, we get to see what they were discussing and a lot more information than what was revealed in that press conference we got from Kevin Walsh
06:46So I love this event because we can dive into some real data, some things that a lot of the mainstream media are going to be missing, but we'll be diving into it
06:54And in 35 minutes' time, we will get that data in front of us
07:01So that gives us enough time to have a quick look at the markets and dive deep into what's going on with the bond market, which is effectively raising rates without the Fed
07:08And we would expect the Fed to follow suit, so we can get ready for this event in the next 35 minutes before the actual wording is released
07:14First things first, thank you, everyone, for tuning in
07:20Please do hit that like button if you haven't done so already; it is greatly appreciated, and I don't think anyone has done it yet
07:26So, please do hit that like button, and let's get straight into it
07:31 Let's do a deep dive
07:37Let's check that
07:43The bond market raised rates again without the Fed
07:49If you are a subscriber to the newsletter at Sensei.news, you probably read this already this morning, but we will go into more detail, focusing on certain parts before the release in 35 minutes
07:54 So, the Fed raised rates once in September
07:59Bond investors have quickly done it again since
08:03The minutes show whether the Fed thinks that is enough
08:06So, let me tell you what that's all about
08:10On the..
08:14On September 16th, the Federal Reserve raised interest rates for the first time since 2023
08:17Many people expected the hiking cycle to be over and for rate cuts to follow, but rate hikes are back—the first since 2023
08:25Since that afternoon, the 10-year Treasury yield has climbed another 0.3 points to its highest close since 2002
08:32I mean, these are significant numbers, and almost none of this move was driven by concerns about inflation
08:39The written record of that meeting will be released today at 2 p.m
08:44in New York, which is 7 p.m
08:48here in London, and about 3 a.m
08:52in Tokyo
08:56It answers the question every stock, bond, and crypto holder is asking: does the Fed think bond markets have done enough? Well, let’s dive into it
08:59Guys, let me know if you’re..
09:04Here
09:08I do always have the live chat open on a window, so I'm seeing Nick Jones here, Elite here, MayBS is here, Devonshire North, Thea Scott
09:12We've seen 1970 Buckley here
09:16So let me just make sure that is refreshing
09:19So I've got all the..
09:22Yes, here we go
09:25Yeah, I can see everyone now
09:28Yes, then it's here as well
09:31So, yeah, guys, just say hi in the chat so I know who is watching
09:34 So, what has already happened? The Fed lifted its target range by a quarter point from 3.75% to 4%
09:38And Kevin Walsh called the vote unanimous
09:42The rate hike was expected
09:45I predicted it, we said it, the analysts predicted it, and it happened
09:48The forecasts were the surprise
09:52Of the 18 officials, Kevin Walsh told us that 16 of the 18 officials voted in favor
10:00They don't all vote, but they're the officials—16 of them have penciled in at least one more rise this year, and four of them have penciled in two
10:05So, we've got the vast majority, 16 out of 18, saying we're going to have another rate hike this year
10:12And another four of them said, actually, we're going to have two more rate hikes this year
10:17There has been some data released since then that counteracts that, the jobs data
10:21We've recently received jobs data indicating that jobs might become an issue, and the rate hikes—there might not be two of them, and there might not even be one
10:28So, we'll keep an eye on it
10:36In June, nine of them had no rate increase in their forecast at all, so you can see, nine had no rise in their forecast, and suddenly now, 16
10:40We have at least one rise, and four of them have two rate hikes
10:45So you can see how quickly it changed from one FOMC meeting to the next
10:48Someone's asking about Bitcoin's strong support
10:52We'll come onto the charts in a second
10:55Let's just do the deep dive, and we'll come back to MarketWatch later on
11:00So, 16 of the 18 officials penciled in one more rate hike
11:04This is the dot plot that you see; we've generated it ourselves, but essentially just to make it look a bit clearer
11:09You can see what the officials are predicting
11:13You can pause it there and have a look if you like, but we will continue as we only have half an hour until the announcement
11:20The Fed voted unanimously to raise rates by 25 basis points, with most officials penciling in one more rate hike
11:25Hike this year
11:29Walsh was blunt in what he said
11:33The plain fact is that inflation is too high and has been for too long, he told reporters
11:36Then came this line
11:39He said, I would be hard-pressed to describe broad financial conditions as restrictive
11:42The view was widely shared by the committee
11:48So we removed a dose of accommodation, essentially saying, I don't think this is restrictive enough, and neither does the rest of the board
11:53So we are trying to increase rates
11:57So they are restrictive
12:00Essentially, in plain English, money was still too cheap to borrow
12:03So the Fed made it a little dearer
12:05Here is the moment in his own words
12:07This is directly from the FOMC
12:09Let's go back a little bit and play this
12:13Broad financial..
12:16Conditions are restrictive
12:20This view was widely shared by the committee, so we removed a dose of accommodation
12:26Consider the geopolitical landscape of shocks and uncertainty, and you begin to appreciate the resilience of the U.S
12:32economy
12:39Given that resilience and the potential for even greater performance, an attitude of optimism is exactly what I heard inside the FOMC these last two days
12:45One basic sign of strength is the state of America's labor markets; the jobless rate remains low at around 4.1%
12:55And the reason I want to highlight weekly hours is because of that line there
13:00He said the jobs market is great, it's resilient
13:05Since this FOMC, and again, remember these minutes are going to be a little..
13:09Bit out of date because it's in regards to this FOMC
13:13Since that happened, we've actually got data coming out of the jobs market and revisions indicating that, actually, we are starting to become slightly concerned
13:18There's nothing major going on, but fewer jobs were created than expected, and the revisions were downward, suggesting that we might be becoming more restrictive
13:24So let's continue with the story
13:29We're going to try and go through all the main points before we get this FOMC release in half an hour
13:34Then the bond market took over
13:40So we saw the FOMC statement, we saw what you said, and the bond market responded immediately
13:43From our desk, we have the data here
13:46You can see the 10-year, 30-year, 2-year yields
13:49You can create..
13:51Your own charts are based on the institutional data
13:53If you go to desk.censor.news, it's all part of your newsletter subscription
13:55It's just one of the small perks of many
13:57And you can see there, the 30-year, the 10-year, the two-year, all trending up
13:59You can see all that, even from when the interest rates themselves went up, the bond market continued to go up
14:14So, the 10-year yield closed at 5% on the day of the FOMC decision to hike rates
14:18Then, on Monday this week, it closed at 5.31%
14:21That's the highest since 2002, and that was after passing the 2007 peak just last week
14:25The 30-year is near around 5.7%
14:29Bloomberg covered the day it broke the 2007 peak, and this is what they said
14:32This 5.32 level that you just mentioned, Scarlet, is actually a reasonably key level for the 10-year yield right now
14:41That is an old technical level, like the old yield high from, you know, about two decades ago, basically
14:47So, if we break above that, we're looking at five and a half percent pretty easily
14:54It’s unclear to me what actually stops this climb in yields
15:00It’s like no one really wants to jump in at the moment and catch a falling knife
15:07You know, there are some people I’ve been speaking with who definitely think that yields are a little bit overstretched and that there will be interesting buying opportunities
15:13But again, they don’t want to step in right now
15:17People have had a bad year
15:20You know, you look at just the..
15:22In the month of September, the Bloomberg Treasury index was down almost 2.5%
15:24You know, it's hard to like the market when you're in a bear market that we are in with Treasuries right now
15:26So eventually, it'll be time to buy
15:33But until you start to see a turn in the data, I don't really see what stops the market, at least from selling off incrementally from here
15:35Ira, how much of this is technical? It feels to me like a lot because I'm thinking about what fundamentally has changed in the last four, five, six weeks
15:40We've always had deficits
15:45Governments have always been borrowing
15:50I mean, all right, so I have some tech guys in there, you know, selling some bonds
15:53Big deal
15:56How much of this is technical? Well, so part of it is technical, and it's..
16:00Not only the U.S., we have to keep in mind that some of the angst really has been generated from overseas, right? So it's things like what's going on in France
16:11You look at French yields and French spreads, that matters
16:13Japan is a huge one, and I think really underappreciated by most people in the U.S., because a lot of the sell-off really started in July with the Japanese market
16:17And the U.S
16:21market started to catch up when the Federal Reserve became pretty hawkish after the July FOMC meeting
16:26So we're concentrating kind of on the last month, but this whole sell-off really started getting going in late July, early August
16:33And it will just continue, and a lot of this is based on fundamentals, right? There were..
16:45A lot of people who were saying, oh, you know, AI can't drive growth, and we have this K-shaped economy, so higher inflation will be bad for spending on non-energy related goods, but that just hasn't shown up
16:59You look at the personal spending data that we got yesterday for August, and it was stellar, 0.9%
17:06That's really good
17:13Now, incomes are slowing down, right? So, the question I think that people are asking is, how long can we have this type of economic growth on the consumption side, with wages starting to slow down somewhat? And the answer is it can last forever, but it can last longer than you think
17:22And I think that realization has come upon many investors
17:30And we have..
17:38Thank you, guys
17:46I've just been talking
17:54None of you
18:00I can hear me
18:06That's brilliant
18:12Thank you
18:18Sorry about that
18:24Anyway, let's just continue
18:30So, what I was just saying is that this analyst is suggesting it was mainly technical—the reason for the breakout to the upside—and a few fundamental reasons
18:34Where is this going to peak? It's going to peak at some point
18:40We just don't know when
18:46We've got the Bill Cosby letter here, saying how dramatic this move is, and no one really knows what is going on
18:50The average American doesn't have a clue what's happening
18:53We know treasuries are in a bear market
18:56Essentially, we're going to circle back to this point
18:58So, I apologize for the loss of microphone
19:00You guys can hear me now
19:02Sorry about that
19:04So, is the bond market imploding? Well, no
19:07A collapse
19:09It shows up in two places
19:11I wouldn't say right now the bond market is imploding like some people are calling
19:13If it was imploding, I would have to see two things: investors suddenly expecting much higher inflation, so the market would be going, actually, wow, we're going to expect inflation to get out of control; we're going to expect inflation to stay above targets for a long time
19:21And inflation targets are much higher than what we expect
19:28We haven't seen that
19:35And we have to see auctions where no one shows up, so remember when they do the auctions for the bonds and no one is willing to take them on
19:39Neither of them has occurred
19:42So I'm not going to go as far as to say this is an implosion, this is a collapse
19:45I mean, look at this from the desk
19:50Again, this is straight from our desk
19:52You can look at this chart here, the US 10-year Treasury and then the US 10-year break-even inflation rate
19:55You can see the divergence between these two charts
19:57The bottom line there in red, next to me, is 2.36%
20:00Those are the inflation expectations
20:03Bonds are now much higher; the inflation expectations have stayed pretty flat, but bonds are going higher
20:06So, this is not due to inflation expectations
20:13This isn't the market panicking about inflation
20:20You can see the gap between the two lines—the 10-year break-even inflation rate, which is what you see at the bottom, representing the market's estimate of average inflation over the next decade
20:26So, that 2.36% is what the Treasury prices are indicating
20:30The average inflation rate is going to be over 10%, and it has gone from 2.31% to 2.36% since the end of August
20:37That's a tiny increase
20:44The 10-year yield in blue, as you can see on that chart, went from 4.75% to 5.28% over the same weeks
20:49So, about 9 out of 10 of the increase is investors demanding higher rates after inflation
20:54The current number is 2.95%
21:00A 10-year US Treasury pays 2.95% a year on top of inflation
21:06So, you're getting a lot more than what inflation is expected to be, and that's guaranteed by the US government through the bonds
21:10There's, again, a big disconnect happening here
21:15This isn't due to inflation; this isn't a meltdown
21:20We haven't even seen that yet
21:26I mean, the question is, are we going to see that? Are we not going to see a meltdown? Well, what I can tell you right now is that when you're looking at bond prices and you're thinking, wow, this is crazy, this meltdown, it's not
21:30This is nothing
21:34This isn't because the market's scared about inflation
21:38The market is actually saying that inflation over the next 10 years is going to be averaging 2.37%, slightly above the target
21:42And this isn't because no one's turning up at the bond auctions either, because we've seen that in the numbers as well
21:48This is a bit of fundamentals, a lot of technicals, but this isn't panic mode yet
21:53We haven't even seen what a bad yield is, and we might never see that
21:58We might not see that, but this definitely isn't it
22:03So if you hear people saying the yields..
22:06are out of control, they're imploding
22:10Uh, this is all to do with inflation
22:13They're just completely incorrect because we're looking at the data, and we're not seeing that in the data
22:16Uh, so there could be, uh, it could get much worse as we go on
22:19And again, the FOMC minutes coming out in 20 minutes will give us a direction of what the Fed officials think of all of this as well
22:23So, that's exactly what RateRise is designed to do
22:27The bond market has done it for the Fed without a meeting
22:31So, the number, yeah, so Americans are already paying for it
22:35If you're looking at Freddie Mac's 30-year mortgage rate, it jumped to 7.28% last week from 7%, the biggest weekly leap in four years and the highest since 2003
22:41The average long-term mortgage
22:47The rate in the US has jumped again to the highest level in nearly three years
22:53The benchmark 30-year fixed mortgage rate rose to 7.28%
22:56A year ago, it was 6.34%
23:01This means that if you were buying a $400,000 house with a 30-year mortgage last year, your monthly payments would be around $2,500 a month
23:09But if you do it now, you'd pay around $300 more
23:13Borrowing costs on 15-year fixed mortgages, often sought by borrowers refinancing a home loan, also climbed this week to 6.60%
23:20Last year, it was 5.55%
23:28So, where are the elevated mortgage rates coming from? Well, mortgage rates are influenced by inflation, Federal Reserve policy, and bond market investors' expectations for the economy, among other factors
23:35They generally follow the trends in these variables
23:40The trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans
23:45High yields slow the overall economy by making it more expensive for everyone to borrow money, while undercutting prices for stocks and other investments
23:51The result is that many potential homeowners are now hitting the brakes
23:56The amount of mortgage applications has been falling for weeks, and many applications for loans to refinance existing mortgages have been declined
24:01So, that's a little glimpse into the mortgage market
24:06And now we're coming up to the minutes, because they're going to come out in 19 minutes
24:11The minutes are coming out in 19 minutes
24:14There it is
24:16So, why do the minutes still matter? The minutes are a written..
24:18An account of the meeting
24:21And if you've just tuned in, the purpose of this show is just to give you an idea about the modern markets and also get ready for the minutes, because the FOMC minutes coming out in 19 minutes are, in my opinion, more important than the FOMC itself
24:29So, just to give you an overview, this isn't new information
24:35Well, it's new information to us, but it's dated information
24:41This will go back to the last FOMC in September, where we got the rate hike
24:46But what we're going to see is what they talked about behind the scenes to make that decision of a rate hike, plus all the other information they were discussing leading up to that decision
24:52So we're getting a glimpse into the FOMC
25:03Since that, of course, new information has..
25:15The minutes are the written account of the meeting, published three weeks after it
25:27They never specify who argued what; they count words instead
25:33And market convention, the ladder, includes a couple, a few, some, several, many, most, one rung at a time
25:41Same, so essentially we're going to get an idea of what the participants were saying, and they're not going to say who said what, but they are going to use words like a couple, a few, some, several, many, most, and the way they use those words is super important
25:59We'll be dissecting that as it comes out in 15 minutes
26:04Let's continue
26:09So, this is how the last set landed in August, and this is Bloomberg's Michael McKee explaining it in the first three minutes
26:14So, this is essentially what we're going to get
26:18We might tune into Michael McKee, and I'll be analyzing behind the scenes and actually bring you the whole document so we can go through it
26:20But this is what we can expect to see in 16 minutes' time
26:26This is from the previous FOMC
26:29Minutes, so you can get a flavor of what we can expect
26:31Let's head to the Federal Reserve and those latest minutes, and Michael McKee—Mike
26:33Well, Kevin Warsh was right
26:37The minutes do suggest there was a bit of an old-fashioned family fight at the July meeting as participants argued over the outlook for inflation and monetary policy
26:45Just a reminder, this isn't live; this is from previous meetings, but it's great to understand what happened before so we can see the differences
26:52It's all about the differences and how the trend is moving
26:59So, what we're seeing here is Michael McKee's analysis of the last FOMC minutes so we can compare it to this FOMC minutes, and thus get an idea of where the trend is heading in terms of what they're..
27:07Saying, it's not all about one FOMC minutes
27:12It's about the trend of the wording, the sentiment, what's coming out of the FOMC
27:15So let's just continue to listen
27:18Lines of general agreement stand out
27:22Many participants assessed that policy tightening would likely be necessary if inflation did not decline
27:27Now, remember, this meeting took place after the June CPI, and this was it
27:31This is where we got it
27:35You know, when we looked at the minutes last time and we said, oh, they're talking about if inflation doesn't go down, they're going to raise rates
27:39And then we looked at every data point and we said inflation hasn't gone down; they're going to raise rates
27:42We get it from the minutes
27:45So we knew before most people that there is going..
27:48To be an inflation rate increase when the market wasn't pricing it in because of what we heard in the minutes, and that's why it's going to be so important to listen out for what they say this time around
27:58The PMI report showed inflation had declined more than anticipated, and participants judged that their inflation outlooks were highly uncertain and that inflation risks were skewed to the upside
28:08Many participants noted that the recent re-escalation of the conflict in the Middle East significantly clouded the inflation outlook
28:15Inflation was first and foremost in the debate, and the committee's wording shows a lot of division
28:21Several participants noted that price increases over the past year were..
28:28Broad-based, and some said underlying inflation appeared to be elevated
28:33AI spending had also been subject to price pressures
28:37But inflation expectations remained contained, and most participants anticipated inflation would step down over the rest of the year, as the effects of tariffs and earlier energy price increases wane
28:50But again, what? Many participants noted the possibility that inflation might be more persistently elevated
28:57Several noted that companies had accommodated price increases by compressing margins, but they suggested that if the Middle East conflict continued, they might have to raise prices, while a couple of participants noted that business contacts judged consumers would resist those price increases
29:13They also disagreed on the impact of AI at the moment, with some noting its inflation risks in the short run, while others said AI productivity increases would offset that
29:19We're going to stop there, and then we're going to come to a live update in just over 10 minutes
29:32But that gives you a flavor of what last time looked like and the indication we got regarding the upcoming rate hike
29:37So, we will understand after today's minutes how likely another rate hike is and how soon we can expect it if they are discussing another one
29:48Today's release has a timing gap; it was written before the 10-year Treasury jumped from 5% to 5.31%
29:55Remember, this is a snapshot from three weeks ago, which is what’s being released
29:58No one has seen the actual minutes yet
30:01Yet, when we do see it, it's going to be three weeks out of date
30:04So, it's not out of date for the market because it's new information, but it's out of date in terms of what has happened within these last three weeks
30:08Before the jobs report on October 2nd, it showed that only 29,000 jobs were added, against the 90,000 expected
30:13And that's what I've been talking about throughout the show: on October 2nd, just five days ago, we received jobs data, and there were only 29,000 jobs added, whereas we expected 90,000 jobs
30:22This will likely decrease the chance of a rate hike because the jobs market data was less than expected and significantly lower than anticipated
30:36So, the October decision rests on this data
30:40The minutes never saw
30:43What they can show you is what it will take to make the Fed move again, and it comes down to four lines
30:47This is what I'm watching, and this is what I'll be reporting on in the next 10-15 minutes
30:51There will be more rises in July
30:54Sorry, more rises
30:57In July, many participants said tightening would likely be needed if inflation did not fall
31:01Most today means the dot plot is a floor
31:06Some or several means it's a ceiling
31:12So we need to see what wording they use
31:17Are they going to say most? Are they going to say some? Are they going to say several? That will give us an idea of how likely it is to get another rate hike, a half point
31:22Dallas Fed President Laurie Logan said on the 1st of October, just six days ago, said on the 1st
31:27Of October, that rates need to rise an additional 50 basis points or more
31:34That is one of the Fed presidents' statements
31:43If a few participants wanted 50 basis points in September, December becomes more likely
31:51So we need to see, are they saying a few? Are they saying many? Are they saying some? Are they saying a couple? And that will give us an idea of whether we're actually going to get two rate hikes
32:00So all of these words, we're going to be going through the PDF, which they will release in 10 minutes
32:04We're going to be looking at Michael McKee from Bloomberg for his initial analysis
32:09And then we're going to analyze it further because we're going to dissect the words that come out in the minutes in 10 minutes
32:11A doubter—this is something else I'm looking for
32:14The vote was unanimous
32:16A line that a couple of participants saw a case for holding would show the unity was thinner than it looked, because remember Kevin Walsh came out and said it was unanimous
32:23Well, what are the minutes actually going to say? Was Kevin Walsh trying to look stronger than he actually was? Well, we find out in the minutes himself
32:31Financial conditions: Walsh said the view that money was too loose was widely shared
32:38If the minutes back that up with most—remember the wording, they don't say how many; they say most, several, few—if the minutes are supporting his statement by saying most, then the Fed is not done
32:49Any concern that the long-term yields could do the work for them is the first sign they might need to stop
32:56One more, because remember, if the bond market goes up by itself, as Kevin Walsh has said before, well, the bond market's doing our job for us because it's making it restricted without them having to raise rates
33:01But we have to see if that is enough
33:06Enough
33:11So, what is everyone saying? The odds have already moved before the jobs report
33:17On the 24th of September, CME's FedWatch Put a rise on the 28th of October at 77.5%
33:23So, this month, we're going to have an FOMC meeting
33:29Just a few weeks ago, the odds of that were 77.5%
33:35Then, the New York Fed President, John Williams, said on the 29th of September that there was no need for urgency, adding that one further upward adjustment may be appropriate late this year
33:39Vice President Phil
33:42Jefferson said two days later that the next decision may take more time
33:46After the jobs report, October sat with a one in five to a one in four chance, with a rise by the 9th of December, roughly a one in three or four chance
33:51So, you can see how much words changed the sentiment of the market
33:56And we had a few people from the Fed say, actually, we've got time, no urgency late this year
34:01And we saw those odds of a rate increase this month, coming up late this month, drop from 77% to about 20%
34:08So, a big drop there
34:14You can see how those odds dropped
34:21You can see this chart that over just a week or so, or a week or two, we can see the chance of a rate hike this month has just dropped dramatically, just based on what people have said
34:25So, that's going to change again
34:28Right after we get those minutes in under 10 minutes' time
34:32So Cleveland Fed President Loretta Mester, a voter this year, looked past the jobs number that evening and said, I don't make too much of any one individual report, she told PSB
34:39Her concern really is on the inflation side
34:46And we can see what she said here: I don't make too much of any one individual report
34:51This is after we got that concerning jobs data, which brought down those odds
34:55So let's just listen in to what she said again, because this is one of the voting members
35:00So economists are calling this a low-hire, low-fire labor market
35:05What are your biggest takeaways from today's report? I don't make too much of any one individual report
35:09There tends to be a lot of..
35:12Variability in the month-by-month numbers that come out from the payroll statistics
35:16On average, what we've seen over the past 12 months is 41,000 new jobs being created each month
35:21That's largely in line with my estimate of what the break-even is, which was borne out by the fact that the unemployment rate, which I think is the single best measure of the health of the labor market, has continued to be stable at a low number
35:35Now, I recognize if you're a person who's suffering from that, who's been put out of work, that feels incredibly painful, and we're very attuned to that
35:40But this number has been very stable and low around my estimate of maximum employment for the past year
35:45Well, to your point, if it depends on who..
35:50You are, looking at this, some are saying that it is who you are in the labor market that matters more than usual right now
35:54Do you have any concerns about the economy being too dependent on certain specific sectors, things like health and social services for job growth? We're seeing that job growth has been broadening out
36:04Health is certainly a big sector in the economy, and it's one that's been growing as our population has been aging
36:09So essentially, she's saying, look, the jobs report came out, but I'm not too concerned
36:14I'm not going to rely on one piece of data
36:17And in fact, inflation is the bigger concern
36:20If that is the case, then we are looking at more rate hikes
36:23And then we've got Minneapolis Fed President Neil
36:27Cash Kerry, also a voter, told Bloomberg that the Fed will do what we need to do to get inflation back down to our target
36:33How high could rates go? I don't know the answer to that
36:38So let's just have a quick look at what he said
36:42And in the face of high yields as well, which raises the question whether your policy effort is going to work, is going to be effective
36:46Do you think it will be, and why? What's the channel for that effectiveness? It will be effective
36:49I mean, we will do what we need to do to get inflation back down to our target
36:52Now, the question is ultimately how high, of course
36:56What you're asking is how high do rates have to go? I don't know the answer to that
37:01You know, you think about, you were both just talking about massive..
37:03Demand for investment capital
37:05I think about that in the context of what it does to the neutral rate
37:07The neutral rate is set by the balance of savings and investment in the economy
37:10And if there's massive demand for investment capital, that has to come from savings
37:14Ultimately, that is a higher clearing price for that capital, and that means rates go higher
37:22One of the questions that arises from that, though, is what time frame are you looking at for the neutral rate, because we're having this enormous spend on AI, which is boosting the neutral rate
37:23Everyone kind of agrees on that, but how long does that last, and can you get yourself offside by moving too much? Yeah, it's a great question
37:36So the FOMC has this long-run dot, which is a..
37:42The theoretical dot, theoretical interest rate that balances all of this out when all the shocks have passed the economy is like this nirvana state that we'll never actually experience sometime in the future
37:53I also have a concept of a near-term neutral, which is what you're getting at, Mike
37:58Then the question is, how long does this AI boom continue? And are the returns to this investment, do they materialize the way that the investors expect? If AI proves to be as productive as people hope it will be, then this investment cycle could go on for a long time
38:14If it ends up being not as productive as the investors are hoping, then maybe it won't go on for as long
38:20So I just don't know the answer to that right now
38:22Now, for a long..
38:24Time, there we go
38:27A lot of uncertainty coming from the Fed itself
38:29And then St
38:32Louis Fed President Alberto and Governor Michael Barr both want more
38:35Not one official who has spoken since the 16th of September has argued for a cut
38:37No one's even looking at a cut
38:42San Francisco's Mary Daly came closest on Tuesday
38:46She said, if the shocks fade, we may not need to raise rates further
38:50And that's not even calling for a cut
38:53That's just saying we'll keep rates where they are
38:54So guys, if you have just tuned in, can I just ask everyone to hit the like button? We are now less than four minutes away from the FOMC minutes
39:00What are the minutes? Well, we're not going to see Kevin Walsh come out on screen, but what we are going to see is Bloomberg and Michael
39:08McKee, give us an analysis
39:09I'm going to analyze it
39:10We're getting the minutes
39:11This is the data behind the last FOMC decision
39:13This is what they were saying behind closed doors
39:16And every time we've looked at the minutes, we've been able to predict the next move a lot better than without the minutes
39:20For example, last time they said, look at inflation data
39:23If that goes up, we're getting a rate hike
39:26We looked at inflation data and we said we're getting a rate hike, and we were right
39:28So let's see what they say this time
39:31It's all in the words
39:33So stay with me after it, because the market will move slightly, but it won't be massive moves on the market, in my opinion, unless there's something crazy in that report
39:36But what we..
39:39What we are going to do for the next 10, 15 minutes is to see what the analysis is of that release from the Federal Reserve
39:41We're getting in three minutes
39:47It's called the FOMC minutes because it contains the data, the words, and the behind-the-scenes discussions of the previous FOMC meeting, just three weeks ago
39:50So, what it means to the market
39:56The old rule applies: good news on the economy is bad news for markets right now
40:00If the economy is good, it's bad for the markets because it means more rate hikes
40:06If the economy is in great shape, it means it's not restrictive enough, and they'll focus on inflation
40:10What usually moves if the minutes surprise? Most officials see more rate hikes
40:14That would be bad
40:17If we see that written, that'll be like, okay, We are going to get more rises, and it depends how hawkish it is
40:21If they say something like they are worried about jobs or high yields, then what we are going to see is a pump in the market because that would suggest actually they're going to take it easy with those rate hikes
40:35Stocks, the S&P 500 closed out a record yesterday, its first close above 4,300 on profits forecast to grow about 30% this quarter
40:41The pressure point is the comparison with bonds
40:48We can see what's coming out here from Bloomberg as well
40:54A hawkish tone pulls on growth stocks first because their profits are further in the future, and the higher safe yield
41:00Shrinks what those future profits are worth today
41:07Remember, when you look at the bonds market, you have to consider what the alternative in the stock market is and then run your calculations, like the hedge funds do, comparing bonds versus growth and how far in the future you're projecting that growth
41:13Then they'll come up with their calculations, whether it's a pump or dump
41:18Obviously, we're going to look at bonds
41:22The two-year yield is the one to follow when the minutes are released in just literally one minute, because it tracks the Fed's policy most closely
41:26So, we can have a look at the two-year yield as well
41:31And then, if you're looking at crypto, Bitcoin fell overnight, and what we're seeing in crypto is..
41:35Obviously, it's a high-risk sector of the market
41:38So, if we get hawkish, again—if it's hawkish—high-risk assets will sell off
41:42If it's dovish, then we'll see a potential pump in the market
41:45So, my read is that the minutes lean hawkish
41:48I think it's going to be hawkish about 60-40 because they are written by a committee that just voted unanimously to raise interest rates and penciled in more hikes before the jobs report gave anyone a reason to wait
41:54That does not bring October back
41:59The leadership has already said that there is no urgency, and 29,000 jobs back them up
42:04December is a meeting that matters
42:09It comes with a new dot plot, and the September inflation figures on the 14th of October are the next step on the way there
42:14The biggest surprise would be a… Mention that higher long-term yields are doing some of the Fed's work
42:19That is a line that tells you hiking can stop at one more
42:22So we're going to see if they mention anything about these long yields that are going a bit crazy
42:25So I am watching if they are going to say "many" or "most" on further tightening
42:28That one word is going to be super important
42:31We're going to look at the 10-year auction and the crypto prices
42:34So thank you, everyone, for tuning in
42:37We're seconds away now
42:40Please do hit the like button
42:42Stay with me for the next 10, 15 minutes because we're going to analyze it
42:45There's no point leaving soon because the analysis is coming in seconds
42:48We're going to go live now straight to Bloomberg
42:50Really great to have you here
42:53It's good to be here
42:55It's going to be a nice ride
42:58We've got a lot going on
43:00We've got Fed minutes coming up any second
43:02We're just, in fact, about 10 seconds away, and they are the six minutes from the six meeting by the Fed
43:05Let's toss to Michael McKee
43:12He is outside the Federal Reserve
43:18Well, guys, the decision to raise interest rates at the September meeting was unanimous, not just among the voting members of the Federal Open Market Committee, but all 19 members of the Federal Open Market Committee supported the rate move, the minutes show
43:25Inflation remained elevated, and risks were tilted to the upside, while the labor market appeared to be near full employment
43:34Quote, based on the outlook and the changing balance of risks, all participants viewed a higher..
43:38The target range for the federal funds rate as appropriate
43:41It goes on to say that many participants emphasized that a higher rate path would be prudent on risk management grounds, while a number of participants viewed a higher path as necessary based on their modal outlooks rather than on risk management grounds
43:57Some saw raising rates as a way to prevent inflation expectations from becoming unanchored, while others felt it would keep inflation from broadening out
44:08Many also noted that financial conditions appeared to be supportive of economic growth, and several noted that they viewed the current policy rate as not restrictive or only mildly restrictive
44:17This leads us to the important quote
44:22With regard to the..
44:27Outlook for monetary policy beyond the current meeting, most participants assessed that another increase in the target rate for the federal funds rate would likely be appropriate by year-end
44:32Along with affirming the labor market, participants saw the economy expanding at a solid pace, driven by robust business investment and resilient consumer spending
44:46One negative aspect mentioned was agriculture, which strained due to worsening drought and higher prices for diesel and other inputs, the minutes say
44:52The U.S
44:58economy was also referenced
45:04Some participants observed that the strong demand for skilled workers in sectors related to the ongoing AI buildup had been driving strong wage gains, but overall wage growth was moderate and not a..
45:10Source of inflationary pressure
45:17So, while all of this was three weeks ago, it underscores that recent comments by senior Federal Open Market Committee officials about not moving on October 28th do not mean they will not move before the end of the year
45:24Going into the next set of meetings, it looks like they've got at least one more on the books
45:31And this is what investors were looking for
45:33Mike, you're going to stay with us
45:36I just want to do a quick check on the markets
45:38Not seeing much movement, maybe a little bit of a tilt to the downside, but not really
45:40S&P was down about 19 points—that's where it is right now
45:46Nasdaq 100 was down about 116 points before the Fed minutes
45:49It's still just down about 113
45:52More importantly, we've got to..
45:54Look at the yield curve in terms of what we've seen in Treasuries
45:57And throughout the morning, we've seen them back off their highs
46:02The 10-year note, which was at about 5.28%, that's exactly where we find it
46:04Same story for the two-year
46:07No changes there
46:09Same story for the five-year
46:11So, Mike Bah humbug, not interesting
46:14I don't know what we say
46:17We thought this was going to be kind of stale because of some of the new data that we've gotten since
46:21But it does sound like it's pretty important that we now have an indication from the Fed that they are thinking we need one more rate increase
46:28Definitely
46:35That comes out in the minutes
46:43And the idea that all of the participants, all 19 of them, agreed with the rate hike, and that means… Even people who might have been dovish but not voting suggest that they do see, as a group, the need for higher rates, and they did see essentially a need for higher rates by the end of the year
46:50Now we have heard from John Williams and Philip Jefferson in recent days, suggesting maybe not at the October meeting
46:56A lot of that will depend on what happens next Wednesday when we get the CPI report
47:02But it does look like, unless there's some surprise downward move in inflation, they are teeing up right now for a December 9th move
47:16Hey, my question for you: so, is that the dominant explanation for the higher rates? Is it still inflation, or has it shifted a bit more to labor market data? Oh, it’s definitely inflation, labor..
47:29Market data, they noted, with wages not moving up very much
47:42Oh my God, I don't have sound
47:52I apologize
48:03Thank you, guys
48:14What is going on with me today? Bloomberg is talking a little bit of nonsense there
48:24Let me just tell you all of the facts we need to know from these minutes
48:26Guys, if you haven't just tuned in, please do hit the like button
48:28Sorry about that
48:30Oh my God, you're going crazy in the chat
48:31I apologize
48:33I apologize
48:35The minutes have just come out in the last few moments
48:38Let me tell you the most important things
48:42If you stay with me for the next five to 15 minutes, I'll dissect that whole thing because, remember, the minutes are so important
48:45They're from the previous FOMC meeting, so we can see what we are going to expect in the next
48:47FOMCs this year
48:50Chris says in the chat, "You're fired." I apologize
48:53Don't fire me, please
48:56So, the minutes of the September meeting show a Fed that expects to raise rates again this year
48:59We have got that confirmed in writing
49:01And I'm actually going to come over to the PDF that's been released in just a second
49:04But the Fed is saying, actually, we expect another rate rise, and I don't think it's going to be this month
49:08I think it's going to be in December
49:11I'll tell you why in a second
49:14We also saw in this document that's just been released from the Fed that all participants supported a quarter-point increase from 3.75% to 4%
49:17It's a unanimous decision
49:21In July, several wanted a hike, and three voted for one
49:24Difference there
49:28We had people just a few months ago saying rate cuts when everyone else was saying pause
49:35So even the ultra-doves are now saying, actually, we're not even going to vote for a cut
49:38We're on board
49:41Most, I mean, Donald Trump’s not going to like this at all
49:44Every single member of the FOMC, 90 people he needs to fire, and I don't think that's going to work out well
49:47Most participants assessed that another increase would likely be appropriate by year-end
49:50In July, many said tightening would likely be needed if inflation did not decline
49:53More officials are now on board, and the condition has been dropped
50:00Several participants, remember, the wording is important, said that even after the hike, they see policy as not being restrictive
50:03Restrictive or mildly restrictive
50:07A couple of people said that they raised their estimates of the neutral rate
50:10Many people are saying we need to be a lot more..
50:15What is going on here? Is that Halloween on Discord? Who's, what's going on? Bear with me one second
50:19We've got Martin
50:22Hi, Martin
50:26Yeah, I'm just live on YouTube
50:30Yeah
50:34Sorry, guys
50:39Martin's calling me
50:43I can't not pick up
50:46Yeah, I'm on the show
50:49I think everyone can hear you
50:52Well, if I'm not sure, yeah, I think so
50:56Yeah, but sorry, guys, I'll come back to analysis in a second
51:04Martin didn't even know I was live
51:13Yeah, yeah, guys, Martin's calling to say just keep subscribing
51:21He doesn't know what's going on, guys
51:28Just keep subscribing, and then Martin will be like, what's going on? If everyone could please hit the like button and subscribe, uh, let's see if we can get to 121,000 subscribers
51:36Anyway, let's get back to the minutes
51:39So, um, bye Martin
51:42Bye bye
51:45He's like, what's going on with the channel? Um, guys, uh, I apologize
51:48Uh, thank you for staying with me
51:51So, let me continue, and then we'll come onto the charts
51:53I'll actually show you the, um, the PDF
51:56We don't actually need to rush this too much because, uh, not many people around the world are actually watching this
51:59I think it's super important because it's the FOMC minutes, and the FOMC minutes, I think, are more important than the FOMC itself
52:08So, if you guys don't mind just staying with me for the next five to 15 minutes, then we can really dissect this
52:12So, what else got released? Well, Several participants in this FOMC minutes said that even after a hike, they see policy as not restrictive or mildly restrictive
52:17A couple said that they had raised their estimate of the neutral rate, and again, they indicated that we can raise rates more
52:22This is not restrictive enough
52:27Everything's fine
52:32The job market's fine
52:34This is fine
52:36Inflation's out of control
52:37Let's continue raising rates
52:39Most described higher rates as an insurance against inflation staying above target
52:41A number of participants said that higher rates were needed based on their central forecasts alone
52:47On inflation, participants said that they had not seen sufficient progress in recent months
52:54They judged the risk skewed to the upside, and some said that they had become more concerned
52:58More so
53:02Many warned that the longer energy prices stayed high, the greater the risk of broader price pressures
53:07The staff raised their inflation forecast for 2026 through 2028
53:15So, they are saying, we are raising rates to control inflation
53:20On jobs, almost all participants said risks to the labor market had diminished and are broadly balanced
53:24That weakens the main argument for tightening
53:28But in fact, since they've said this, the jobs data has come out and been slightly concerning, but not concerning enough
53:32On bonds, a few discussed the rise in long-term yields
53:37Many said financial conditions still support growth, pointing to the stock price that has risen substantially this year and narrowed corporate spreads
53:46Spreads
53:54On the other side, nobody argued for a half-point move, and the vote was 12 to 0, so unanimously saying a 0.25% increase, no one saying let's raise it by 0.5%, which I guess is good to see
54:02A few noted that the three-month measure of core inflation has fallen materially, and some said wage growth is moderate
54:08These minutes were written before the week of September jobs report and before the 10-year yield climbed to the highest level since 2002
54:14Overall, the minutes lean hawkish
54:20Most of the committee expects at least one more increase this year, and nothing in the document argues against a December hike
54:26We're going to go through some key lines here
54:34I'm actually going to pull up the document that just got released
54:36So let me see if I..
54:42You can go to this screen here, go to here, and then I can get you the actual PDF that's just been released
54:48If you guys have just tuned in, can everyone just subscribe? How many people do we have watching? Because now we're going to go into the details of it, and then I'm going to give you my analysis
54:50Oh wow, at some point we have six people watching
54:52I cannot believe it
54:54We got two people
54:57Guys, thank you so much for tuning in
54:59Please do hit the like button
55:01Please do subscribe
55:03Let me get this up because we're going to go through the FOMC minutes
55:06We've got the team behind the scenes highlighting the important parts we want to review
55:09This has just been released
55:13If I can tell everyone about the desk quickly, we are increasing prices in two days
55:16So I'm going to focus on the most important part, which is going into the specific points and then going through all the charts that you request—gold, XRP, silver, Bitcoin, the stock market
55:25We're going to go through all of that very shortly
55:32But let me just tell you, in two days' time, the annual price for the newsletter, which again, it's not just a newsletter; I'm going to explain what it is, is increasing
55:37We are literally nearly doubling the price
55:42But if you get in now, you can get a discount and lock in your prices
55:46It works out to about £10 a month, roughly $15 a month right now
55:50But if you opt for the yearly plan, that is increasing
55:53Currently, the monthly plan is $50 a month, or you can get it for..
55:56That's increasing to about $30, $40 a month on the annual plan
56:03So, it's the best time to get it
56:10What do you get? Well, if you're invested in the market, if you're interested in the FOMC minutes—which obviously you are because you're watching the show—if you're interested in the FOMC, stock markets, crypto markets, commodities like gold, well, this is the only thing you need
56:17Why? We've built something away from the mainstream media, free from sponsor influence, and we're also away from the stupid influences out there, the influencers on YouTube and X, who just keep trying to sell you courses, keep trying to sell you..
56:24Leverage trading, and they want you to lose because they make money when you do
56:31We are going against everyone
56:38We are taking those sponsors and we are undercutting everyone because we win by trading, and we want to give back
56:43So, what products am I telling you about? Well, it's so much in one package
56:49You get access to our Discord, where I am live every Sunday, giving you access to my trades, my thoughts
56:55We go through your requests one-on-one
57:00We go through the portfolio challenge, where we're starting with $5,000, trying to grow it to $100,000—all my trades there
57:05You get access to Discord, the community
57:09You get access to the chart training course if you've ever wondered about charts and want to learn them, whether… Whether you're an advanced trader or a beginner, we give you a chart training course
57:14Why is the main screen corrupt? I don't know what you mean, LJ
57:17We give you access to the chart training course
57:21So, I tell you, after 10 years of learning about charts and spending thousands of dollars on chart courses myself, I simplified it
57:27I researched what actually works through academic research
57:34I've given you three indicators that I use on every single one of my charts: the Trigger Alert, the Momentum Band, and the Deep Trend
57:40All three of these are so important to my charts, and I'm giving them to you as part of the package
57:45So, you get the chart training course, you get the TradingView indicators, and you get access to the daily morning forecast
57:49Forget about every other..
57:53News platform you're signed up to for, paying hundreds for, or if you're not, you probably want to understand the news
57:56Every single morning, during trading hours, we give you a newsletter
57:59It is called the Morning Forecast
58:04And I'll give you a glimpse of this morning's issue
58:08You can see, we tell you all the stories, so even if you have just one minute to look at your email, you can see the top stories every single day, what is going on in the market
58:12So you understand what all the top stories are and you're ahead of 95% of traders
58:17The one big thing—the Fear & Greed Index, the number that matters, what is moving in the market—and then you get those stories
58:21So, the five things you need to know, just two or three paragraphs on each story
58:25So, you understand that the market updates are included
58:29If you're interested in XRP on Sundays, we get the XRP weekly report
58:32Those are just some perks
58:35Then you've got access to our new product, which other services charge hundreds of dollars a month, thousands of dollars a year for
58:38This is the Sensei Desk
58:42You go to the desk and you have everything in one place
58:46You can see the news on the Today page, the chart of the day with my analysis, thoughts, and traits
58:51You also get access to the calendars, including the earnings calendar every week and the economic calendar
59:02So, you can see the impact of the FOMC minutes today, among other things
59:06Time zone, no ads, no sponsorship
59:11Are you noticing it? Tomorrow, the US weekly jobless claims, the Fed governor speaking, all the important stuff, not millions of data points you need to look at
59:15The most important is there, and you can look at it week to week
59:18You've got access to economic data
59:20This is one of my favorite tabs
59:23We pay thousands for this data
59:25This is US inflation over time
59:28You've got your inflation charts, CPI, PPI, PCE, UK data, inflation expectations
59:33That's one of the charts we're looking at earlier today
59:37Rates and yields, savings, growth, all the economic data you need, and you can build your own charts on it as well
59:40You've got access to education, accounts, and tax information on the UK, United
59:43States, Canada, and Australia
59:47You've got the investor guide, the 10 rules, and how to avoid mistakes
59:51The most important things you need to learn about investing
59:55We've got a net worth tracker
59:58You can begin your net worth tracker there
01:00:00It takes about five minutes to complete, and you've got an amazing snapshot of your wealth
01:00:03And again, we don't store your data, and it's not an additional cost, but you don't pay $20 a month just for a net worth tracker
01:00:06It's included
01:00:09You've got your watch list, and the best part is, if you like companies, you can just type in the name here
01:00:12Let's just say I want to look at Apple
01:00:17You can type in Apple, open it, and you've got all the data you need about Apple
01:00:21It takes a moment—it's pulling the data
01:00:25Information live from the institutional data
01:00:29It tells you the Sensei Score, what we think of Apple, what rules it passed, the analyst expectations, and the ratings
01:00:33It grades it against its peers so you can see how it looks compared to its rivals and competitors
01:00:39The news stories—up-to-date news stories for Apple
01:00:44You've got access to the chart, comparing it to the S&P 500, the valuation, the P/E ratio—all nicely laid out
01:00:50You get access to all of this in one package
01:00:55Everything I've just described and much, much more: Discord access, TradingView indicators, the chart training course, the desk, the newsletters—all in one place
01:01:02You can get it right now
01:01:06How do you get it? Well, the link is in the live chat
01:01:09In two days' time, this is increasing in price, so this is literally your last chance
01:01:10So, here it is
01:01:12You can see it
01:01:14Let me just refresh that, and we'll do it from this account as well
01:01:17There we go
01:01:20You can see 25% off
01:01:24Sign up right now, and I'll give you access to Discord
01:01:27There is a link, it's the first link in the description
01:01:30All of that—literally, if you're watching now, this is your final chance
01:01:32So, do get that while you can
01:01:35Okay, Justin, President Donald Trump says the U.S
01:01:38has the greatest economy we've ever had
01:01:40I think a few people can argue with that
01:01:43But anyway, guys, can you see the link in the chat? Yes or no? Can you see the link in the chat? If you press that, you get 25% off
01:01:49Uh, so yeah, let's do it
01:01:54Okay, sell, sell, sell, sell
01:01:59So, the link for the FOMC live— we're, what, we just, we're gonna go through the document in a second
01:02:05Sensei is not going to tell you whether to buy or sell; he gives the information, and I wouldn't listen to the commentators on this side
01:02:09Okay, yeah, we don't, we don't give you financial advice
01:02:13Oh, you guys, you can't see it, you can't see the link
01:02:16Okay, there it is
01:02:18Is it pinned? It's pinned as well
01:02:20It's the first link in the description, so you can sign up there
01:02:23Now, let's go into the actual data
01:02:26So, if you just tuned in, the FOMC minutes have just been released
01:02:29I gave you my take on it; I told you what the headlines have been as well
01:02:32There is going to be, well, they're expecting at least one more rate hike this year
01:02:35And They're very, very confident that now we're going to look at the information itself as well
01:02:40So this is all where it came from, this PDF here
01:02:45Some of the bits that have been highlighted by the team are that investors placed high odds on a 25 basis point increase in the target range for the Federal Funds Rate at the September meeting
01:02:51So what we're seeing here is that markets expected a September hike, so it was no surprise
01:02:57We actually reported on this in the last FOMC minutes
01:03:02You can see how important it is to cover these events because then we can understand what the next FOMC will do
01:03:06The rest of the market also caught up, and everyone anticipated that rate hike we saw in the last FOMC
01:03:12Then we saw here a considerable..
01:03:17Probability was placed on at least 25 basis points of policy firming by the end of the year
01:03:23So, Wall Street dealers surveyed by the Fed also expected at least one more hike this year
01:03:28Then we've got another quote highlighted here, and competition for capital from heavy private debt issuance to finance the development of AI infrastructure is also contributing to higher term premiums and Treasury yields
01:03:41So, what's this about? This is about AI borrowing helping to push up government bond yields, according to the Fed's market desk
01:03:46So, what we are seeing here in their own documents—remember, this is all from their own documents—is suggesting that AI borrowing is helping to push up government yields, according to the Fed
01:03:52Market desk
01:03:59Let's continue to go through all of this
01:04:02This is interesting here
01:04:06The Fed has paused its Treasury bill purchases for bank reserves
01:04:08This is interesting
01:04:10The desk has paused reserve management purchases as well
01:04:12We're going to put this all together and then give you my final thoughts
01:04:14These are all the documents that we are going through
01:04:18Here, they say changes in real rates contributed to most of the net increase in long-maturity Treasury yields
01:04:24So, long-term yields rose mainly because investors wanted higher returns after inflation
01:04:32Inflation fears drove the short end
01:04:40So, they are actually directly talking about Treasury yields going a bit out of control, not out of control in the sense that they are..
01:04:47Melting up, but they are saying it's because they want a higher yield after inflation
01:04:52Is there anything else notable? Yes, over here
01:04:56It appeared to be somewhat tight for private credit loans and small businesses
01:05:01So credit is easy for most, but tighter for private credit and small businesses
01:05:04Anything else interesting? Yes, here we go
01:05:07We've got them pushing for higher rates
01:05:13This is interesting
01:05:18They are saying directly from the Fed's own PDF, the staff's inflation forecast was somewhat higher for 2026 through 2028 than the one prepared for the July meeting
01:05:23And this is the reason they raised rates
01:05:27They are saying the Fed's own economists, the people at the Fed themselves, now are expecting more inflation over the next..
01:05:31Three years
01:05:37Not less, not restrictive, not because the rates are high, we're going to get less inflation
01:05:41Not like Donald Trump is saying inflation is going to come down
01:05:44The Fed themselves are now saying they are expecting more inflation all the way up to 2028
01:05:48And that is a very hawkish statement we are seeing in today's FOMC minutes
01:05:54Another hawkish statement here, participants noted that inflation remained elevated and that they had not seen sufficient progress on lowering inflation in recent months
01:06:01Literally saying a plan, a plain admission
01:06:08They are admitting inflation is not coming down fast enough
01:06:12That is literally what they're saying
01:06:16Then we've got a few things here
01:06:21A few participants..
01:06:27We're talking about three or four here, noted that certain items in the PCE index, so they're saying part of the recent inflation comes from software and fund management fees, and data changes should reduce that
01:06:33Inflation may be a little lower than it looks, and in the last PCE, we did mention in our cheat sheets that we release to the newsletter subscribers that we said the PCE is going to be revised downward because of some measures
01:06:41And at that point, this was written that we hadn't had that PCE
01:06:49So I wouldn't say that is a very dovish statement
01:06:57Then we've got something here: a few participants observed that the three-month change measure of core PCE inflation showed a material decline since the start of the year
01:07:02Essentially, signaling a sign of progress
01:07:06Short-term inflation has cooled
01:07:11Officials warn that this measure tends to understate inflation in the second half of the year
01:07:16Market participants judged that market and survey indicators of medium- and long-term inflation expectations remained at levels consistent with the committee's 2% objective
01:07:23So, this is good as well
01:07:30Long-term inflation expectations are still close to 2%
01:07:37And we did show you that when we looked on the desk and the inflation forecast, for example, when we go to the desk and we look at inflation expectations and the 10-year break-even rate, and we go over the next 10 years, you can really see that we are expecting—if I move out of the way—that chart is flat
01:07:43Since 2022, it’s been that way
01:07:49It’s been flat
01:07:55It doesn’t look like inflation or 10-year break-even expectations are rising too much
01:08:00And that’s what we’re seeing over here as well
01:08:07It looks like we’re still close at 2% in the next 10 years, or the average in the next 10 years
01:08:13So that makes it even more concerning that they’re raising rates, and if the market actually starts saying, wow, inflation is going to be more than 2.3%, then be prepared for more rate hikes and for the yields to go higher
01:08:27That’s one of my main concerns I’ll come on to, and the reason I’m turning quite bearish on the broader market
01:08:31We’ll come on to charts, we’ll come on to XRP in just a few moments
01:08:35Let’s get through this document
01:08:37Some participants
01:08:38Remarked that those risks have become more skewed to the upside in recent months
01:08:45Many participants assessed that the longer energy prices remain elevated, the longer this war goes on, essentially, the greater the risk that cost increases in certain sectors could lead to broader price pressures
01:08:55Oil is the main concern
01:09:03The longer it stays high, the more it spreads into other prices
01:09:11So guys, if this war, which I think many people would argue is a bit crazy, continues for another three months, four months, five months, one year, we can start getting some real concerns about yields
01:09:16There will be skyrocketing inflation
01:09:21The 10-year Treasury, which we're seeing very flat right now, has been affected, but the war has had no lasting impact so far
01:09:26Effect on the 10-year break-even, which is a bit crazy to think about
01:09:29If it does have a small effect, we're going to have more rate hikes
01:09:33We're going to see higher yields
01:09:36And if the job market collapses, then we're going to face a recession
01:09:41So, we are all experiencing stagflation, and all of these concerns are increasing the longer the war continues, and the longer we observe oil prices—around $100, over $90—these are all concerning numbers
01:09:48Some of the analysts I've been speaking to and looking at are actually saying we haven't even seen an explosive oil move yet
01:09:57Oil could reach $120, $130, $140, $150, even $200 a barrel
01:10:06We could run out of diesel reserves
01:10:12They are going to..
01:10:18Keep trying to pump out diesel reserves and oil reserves, but at some point, they're going to run out
01:10:24And we've got Russia and Ukraine—that's a massive issue as well
01:10:28And if you keep adding these factors together and you're not prepared for a crash, then maybe you need to rethink that as well
01:10:32We'll come to the charts in a second and my final thoughts on it all, but let's just get through the document
01:10:39 So, another thing we have here is that several participants noted that the possibility of further tariff increases was also an upside risk to inflation
01:10:48The Fed is worried about what Donald Trump is going to do
01:10:53They're saying if there are more tariffs, we're going to see even more inflation
01:10:56Then we've got something a little..
01:10:59A bit more positive written here
01:11:02Some participants expressed concerns
01:11:05What do they express concerns about? That after more than five years of inflation above 2%, elevated inflation rates could begin to affect inflation expectations
01:11:08So that's the chart we're just looking at, inflation expectations
01:11:15Fewer officials worry about inflation expectations, some in September, down from many in July
01:11:19So fewer people are worried about this chart
01:11:23And at some point, this chart is going to become a bit concerning because right now, it's flat
01:11:27So why would anyone care about inflation right now if it's not going to affect the 10-year break-even? But who's to say that the inflation break-even isn't going to go a lot higher than before? 2.3%? Some participants observed that strong demand for skilled workers in sectors related to the ongoing AI build-out has been driving short-term wage pressures for these workers
01:11:49AI is still driving significant pay rises for skilled workers
01:11:55Some participants also commented that the aggregated wage growth was moderate and consistent with inflation moving toward 2%
01:12:01So, some are saying wages are not the main factor driving inflation, according to certain officials
01:12:05They are indicating that it's not because of wages
01:12:09Therefore, wages can rise higher, and that won't necessarily cause inflation to increase further
01:12:13Many participants commented that despite the recent rise in long-term Treasury yields, financial conditions appear to support the economy
01:12:18Supportive of economic growth
01:12:24Interesting
01:12:29They are literally talking about the increase in Treasury yields, and they are literally saying the Fed sees rising stocks and narrow credit spreads as easy conditions
01:12:35It is not counting on higher bond yields to cool the economy
01:12:40A few participants commented that housing was a sector in which financial conditions did not appear supportive of activity, with mortgage rates remaining at elevated levels
01:12:46Housing is one area where the Fed sees conditions as tight because mortgage rates are high
01:12:51So when you see mortgage rates higher, remember when the Fed says, oh, the bond market's taking care of restrictive rates, well, they're talking about mortgages because if bond yields rise..
01:13:01Yields are high, the 10-year yields are high, mortgage rates go up, and that puts a strain on the economy, tightening it
01:13:05So it's kind of the bond market's way of doing the Fed's job for them in certain sectors, such as housing
01:13:10Then we've got a lot here as well
01:13:14This is close to the end, so stay with me
01:13:18We're about to go onto the charts, but we've got a lot of information here as well
01:13:23Several participants, remember I told you at the beginning of this, it's all about if they say several, many, few, couple, and here we're saying several
01:13:30Several participants commented that the underlying momentum in the economy appeared to have increased
01:13:37So several participants think that the economy is gaining speed, which adds to..
01:13:43Inflation pressure, which is concerning
01:13:49And that is going to be my reason—I'm going to say there's going to be another rate hike this year, because it looks like the economy is staying strong
01:13:56They can be as restrictive as they like
01:14:02Here is an interesting point: several participants commented that the scale and pace of AI build-out have continued to surprise to the upside
01:14:09So they're actually a bit surprised—they're saying the AI boom keeps beating even the Fed's expectations
01:14:14Several participants noted that business activity has also been supported by factors such as high levels of corporate earnings, less restrictive regulations, and tariff refunds
01:14:19Tariff refunds are giving businesses a boost
01:14:23Remember
01:14:26Those refunds, but we can't celebrate too early because those tariffs might come back in a different form
01:14:30You never know with Donald Trump
01:14:34Especially the crop sector has been strained because of the worsening drought and higher prices for diesel and other inputs
01:14:39Farmers are being squeezed by drought and expensive diesel
01:14:45We're seeing reports from JP Morgan about a potential massive issue with low crop yields this year and potentially stockpiling in your own homes
01:14:53I’m sure some of you have seen those reports as well
01:15:01Several participants observed that stock market gains have provided support to consumer spending, particularly among higher-income households, in the two-speed economy—people with shares
01:15:10People who are rich — well, not necessarily wealthy, but people who have enough money to be investing in the stock market — are spending, while lower-income households are squeezed by energy costs
01:15:23Of course, I think, in my opinion, there's an overlap between those two groups as well
01:15:29Also, low and moderate-income households face strains with higher energy prices, which weigh disproportionately on their real disposable income
01:15:33So, a two-speed economy: people with shares are spending, while lower-income households are being squeezed by energy costs
01:15:45A few participants, so not many, just three or four, flagged emerging concerns regarding potential repercussions associated with the rapid adoption of AI, including cybersecurity and..
01:15:50Other risks
01:15:56Oh my God, this is getting worse the more we read
01:16:00AI cybersecurity risk is on the Fed's radar once again
01:16:03And if we do have big cybersecurity concerns, we could see a slowdown in AI
01:16:07And if we get a slowdown in AI, which is the only thing propping up the stock market, we could get another correction
01:16:12And then we've got another quote here: all participants supported raising the target range of the federal funds rate
01:16:20So every official backed the hike
01:16:22Every single person at the Fed wanted a rate hike, and that's what they got
01:16:26Let me just check this
01:16:33Okay, almost all participants assessed that, while inflation risks were being tilted to the upside, risks in the labor market had diminished and were now broadly..
01:16:40Balanced
01:16:48Jobs are no longer the worry, with the labor market's risk balanced
01:16:55Inflation gets the Fed's full attention
01:17:03I wonder if they'll say the same thing this month after we've seen the recent jobs data
01:17:07Most participants emphasize that a higher path for the target range would be prudent on risk management grounds, providing insurance against inflation remaining persistently above target
01:17:12Hiking as insurance—many officials would rather do too much than let inflation stick
01:17:18So they’re literally saying we’re going to hike because we would rather hike and get it wrong on the upside than not hike and let inflation get out of control
01:17:27So they’re literally saying if it’s a 50-50 likelihood and they don’t know what they’re..
01:17:35Going to do, they're going to hike
01:17:39They're literally saying that in their own words
01:17:43A number of participants viewed a higher path for the target range as necessary
01:17:48For a number of officials, more hikes are needed even in their central forecast
01:17:52And now we're on the last page of the report
01:17:56A couple of participants remarked on having increased their estimate of the neutral funds rate
01:18:00So, if the neutral rate is higher, today's rates are less high than they look, which argues for going higher
01:18:13Several participants stated that they viewed the current policy rate as not restrictive or mildly restrictive
01:18:19Even after the hike, several officials think the rates are not high enough to slow the economy much
01:18:23That
01:18:28Points to more hikes
01:18:32Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by the end of the year
01:18:35And this is the key line in this whole document
01:18:39In July, many said a hike would be needed if inflation did not fall
01:18:42Now, most expect another hike by the end of the year with no conditions attached
01:18:46They're literally just saying, we're going to raise rates
01:18:50They're saying another rate hike is appropriate
01:18:54And they're not saying if inflation stays high, they're not saying if the economy stays strong, they're literally just saying—and this is the most important line in this whole document—most participants assessed that another increase in the target range for the federal funds rate is likely
01:19:01The federal funds rate would be likely appropriate by year-end
01:19:09They're saying it's very likely we're going to raise rates, and they haven't attached any conditions to it
01:19:16Every single time in the last FOMC minutes, we've seen them say that if inflation remains high, if the economy is strong, or if they are not restrictive enough, they consider it appropriate to raise rates by the end of the year
01:19:33The next line tries to bring it down a little, stating that participants emphasized, however, that they approached each meeting with an open mind
01:19:42Regarding the balance sheet policy, a few participants observed that the Treasury markets have been functioning smoothly, but noted the importance of planning for..
01:19:46Market stress
01:19:49The Fed is planning ahead for possible stress in the Treasury market
01:19:52And that is, the full document
01:19:56So unlike others, we actually analyze everything and fact-check everything
01:19:59We don't bring you nonsense data
01:20:02So now, what we're going to do is go over to the markets and see how the markets are reacting
01:20:05I didn't love it
01:20:08I don't feel super bullish after listening to, or after reading all of that
01:20:11The market seems unfazed, but it always seems unfazed after these minutes
01:20:15It never really reacts in the minutes, but I would be a bit more bearish than the market suggests
01:20:20The Nasdaq is down a bit since the release, but not much at all
01:20:26Oh no, sorry
01:20:32The FTSE is down
01:20:35The Nasdaq is up
01:20:39The S&P is up
01:20:42Gold is pretty much flat, down on the day
01:20:45Oil is down on the day
01:20:49Silver is down on the day, but no reaction
01:20:53Bitcoin, how did that react? Bitcoin reacted, and it just sort of went up on that
01:20:56Yeah, the markets don't, as I always say, the markets don't react to the minutes too much
01:21:01But it's an interesting one
01:21:06As you guys know, I don't like being bearish in the market
01:21:10I'm always super hesitant to come out and say I'm bearish
01:21:14I came out and said I was bearish on crypto a year ago
01:21:18I got a lot of hate, but it was the right thing to do because I did think the market was going to go down, and it did go down
01:21:22I've been very, very bullish with AI
01:21:24I've said AI is going to change the world
01:21:29There's a time before AI, and there's a time after
01:21:30This bull market continued going
01:21:32We are seeing the effects of AI
01:21:33It's actually turning into profits and everything looks pretty okay
01:21:37And I've always said low-cost index — 80% of my money is in low-cost index funds
01:21:44You want to be investing in the market, and it continues to go high
01:21:45You don't really want to be out of the market
01:21:47Before I say anything else, guys, I don't give financial advice
01:21:49Please do not buy or sell based on anything I say
01:21:51That would be a very unwise decision
01:21:54I don't give financial advice
01:21:56I'm just talking about my own experience and my own thoughts
01:21:58But now I'm getting concerned about the market
01:22:02There are a few too many things that are worrying
01:22:05First of all, the inflation expectations for the 10-year Treasury yield have..
01:22:08Years, 2.37% of the bonds are already going crazy
01:22:11If inflation expectations go much higher, then we'll see bonds go out of control
01:22:14The S&P 500 is at all-time highs
01:22:17Yes, there are great earnings and great yields, but that is a bit out of control on the upside as well
01:22:20If we look at the RSI of the S&P 500, I wouldn't be surprised to see this, and yes, in the bullish territory, it's quite high, and we are getting bearish divergence
01:22:27So, the price is going higher, but the momentum isn't going any higher
01:22:35What we're seeing here is triple bearish divergence
01:22:43We're seeing higher highs on the stock price, and we're getting lower highs on the RSI, essentially saying buyers are exhausted
01:22:47There's not much more buying that can happen
01:22:51Yes, prices are going up
01:22:54Higher, but we are running out of momentum on the S&P 500
01:22:58I wonder if we can put the MACD on the chart as well
01:23:01We haven't looked at the MACD for a while
01:23:04Let's put the indicator on the chart
01:23:06Let's see if we can get the MACD on the chart
01:23:09Let's go into a three-day chart
01:23:13Yeah, it's trying to turn bullish, but it's not looking very..
01:23:16There's not much there either
01:23:19So, S&P 500, bearish divergence
01:23:21Buyers are running out of momentum
01:23:23The NASDAQ, are we seeing the same there as well? Let's remove the MACD for a second
01:23:30Yeah, higher highs on the price and lower highs on the RSI
01:23:35Gold is going to start getting very interesting to me
01:23:38$4,000, yes, yields going higher
01:23:42It removes the need to be invested in something that gives you 3%, 4% a year
01:23:46But If it's inflation concerns, then gold is always a great hedge, and that's already down for a while
01:23:50So I think gold can become very interesting
01:23:53Oil looks like it's in an uptrend
01:23:56Yes, it's on a short-term downtrend, but oil seems to be very happy hanging around $90
01:23:59Silver, I think, will go into a bull market over the next few years, but I think it's got one more correction, to $54 or $50
01:24:07Bitcoin, of course, we have been bullish on Bitcoin since $60,000, as Peter Schiff has said that's probably the bottom
01:24:11And if we come back down there, maybe altcoins will make new lows, but I'm not selling any of my Bitcoin
01:24:17I bought at $60,000 and $58,000
01:24:22But I do see a correction of about 20% on Bitcoin, which could bring Bitcoin back down to $50,000
01:24:28I'll be loading up there as well
01:24:34XRP, I'm not buying any here, but I'm happy to start buying some at 1.25, 1.30, and then at $1, and potentially 90 to 80 cents if we get a bad bear market
01:24:40Ethereum, I'm not too interested in until we hit $2,000
01:24:45But just looking at the market, bonds at the highest level in 20 plus years, without any major issues going on, inflation is not getting out of control
01:24:51Inflation seems like it has peaked
01:24:56The 10-year expectations are very low
01:25:02I think the risks are more tilted towards a downside
01:25:07So, what am I doing? What are my thoughts? I'm just looking at some data coming in
01:25:11Yeah
01:25:14So, what are my thoughts on all of this? I'm not going to say—again, I don't give financial advice—but I'm not going to withdraw my money
01:25:17My money is in low
01:25:19Cost index funds
01:25:21Don't mention GoldSense, you'll set them off again
01:25:23My money, most of my money, is in low-cost index funds — S&P 500, FTSE, FTSE All-World, Gold, Silver, Semiconductor, ETFs, all of these are low-cost index funds
01:25:39What am I going to do? I'm going to sell all of them
01:25:45I think what I've started to do, and what I'm going to continue to do, is start moving them out of these and potentially more into bonds and more into cash on the side
01:25:53Because cash on the side right now is earning a good yield and it prepares me for a correction
01:26:01With my portfolio challenge, I still have cash on the side, and I'm still trying to find different opportunities that will present themselves along the way
01:26:09I just don't feel super..
01:26:11Bullish about this market
01:26:13I think it can continue to go higher
01:26:16It's hard to call the top, and I won't ever call the top because most of my money will stay invested in the market
01:26:18If there's going to be a crash, it will recover at some point
01:26:21But I also am a bit more of a high-risk trader, investor
01:26:24I want to get good prices
01:26:27And you can't beat the market by being in the market
01:26:30But most people don't beat the market anyway
01:26:33So, I would say I am starting to build more cash, starting to ladder into gold and silver, starting to look into bonds and move some money out
01:26:38And then, if the correction does come, I will benefit
01:26:44If not, I'll just lose out on a few percentage points compared to a normal year in the market
01:26:48And I think it's..
01:26:52Worth that risk
01:26:56Personally, for me, after seeing these FOMC minutes, I am expecting more rate hikes and potentially even yields to go higher
01:26:59At some point, they'll top out, and then gold and silver should go up
01:27:02That might give me some more liquidity to invest back into the market
01:27:06So I'm not feeling super bullish about the market, but it's in an uptrend, and you don't want to bet against an uptrend either
01:27:10I'm not going short on the market
01:27:16The only way I would go short is if I stay invested and then open up a hedge
01:27:19But hopefully, that gives you a bit of an insight into what I'm thinking
01:27:21I will open up the floor to questions now
01:27:24So I am going to go over to the comments
01:27:27I am actually probably going to put together a newsletter
01:27:30Maybe I'll give you..
01:27:33My final thoughts in tomorrow morning's newsletter about how the FOMC minutes went and all my thoughts put together
01:27:36Sensei always buys at sensible prices
01:27:39He doesn't throw them in
01:27:41That's right
01:27:43Yeah, I try to anyway
01:27:44Potentially, actually
01:27:46Yeah, I'll go to Q&A
01:27:47Guys, if you haven't taken advantage of the deal, it's 25% off
01:27:49In two days' time, that goes up
01:27:53The price doubles
01:27:57Right now, you can get a discount and lock in the price
01:28:00Zion, you can join the Discord
01:28:03You can ask me questions
01:28:05I'm starting with £5,000 as well
01:28:08You can see how I'm trying to grow a small account if you join Sensei's Desk
01:28:11You get access to the desk, which includes research, charts, the Sensei Score, and financial fundamentals
01:28:15Companies, economic data calendars, earnings calendar, economic calendar, the news, the newsletter, the Discord, access to private events, one-on-one DMs — all of that in one subscription
01:28:27All you have to do is click that link, type in your email, and then choose your plan
01:28:30There's even a free plan
01:28:32I mean, every single person in the stream should join
01:28:34 Your buy is over, says RTT
01:28:37I don't know what you mean
01:28:39What do you see on gold? Was everyone talking about gold in today's stream? I don't know why that happens every time we do an FOMC minutes
01:28:42Everyone gets crazy over gold
01:28:48 Gold, I see going a bit lower, but in reality, I don't really mind buying gold at these levels
01:28:51I mean, four thousand dollars an ounce is definitely a level
01:28:55Support, yes, it can suddenly capitulate below, maybe go to 3,700, but it's already down
01:28:58It's down a large amount, already down 27% from its highs, and I'm expecting a short-term correction and accumulation, followed by another parabolic run
01:29:07We predicted that—I mean, we didn't, but I think one of the best trades of the last two years was our gold and silver trades
01:29:19We predicted the cup and handle on gold, and we went crazy into gold at $2,000, and it went all the way up to nearly $6,000
01:29:26That's a 3x increase on gold in about three years—crazy
01:29:32Silver was even better
01:29:32We went crazy in silver at $32, and it went to $120, and we marked the actual top
01:29:36I mean, go back and watch our videos; we said between $112 and $120
01:29:42Literally hit that target
01:29:48So what's that, 30 to 40 times? And I think what's happening is we said it's going to be parabolic
01:29:54We said we're going to have a massive downturn and then accumulation
01:29:57So what I'm thinking about with gold and silver is we've had this power block run, we are now in the accumulation phase, finding the bottom, maybe having one final capitulation, accumulating for maybe a year or two, and then going crazy again
01:30:03Maybe in 2027, we start going crazy on silver and gold, or in 2028
01:30:09But before the end of the decade, I think silver might even go up to $200, $300 an ounce
01:30:15And I think gold can go up to $10,000 an ounce
01:30:19So I am starting to accumulate gold and silver for the next few years, whether it's physical or in an ISA
01:30:26Here in the UK, legal tender—you can buy legal tender and not get capital gains tax, or you can buy it in an ISA and not get capital gains tax
01:30:30Tugfam says, just subscribe for the desk
01:30:35Tugfam, look at that
01:30:39We've just had someone subscribe to the desk
01:30:43What an amazing thing to do live on the show
01:30:47Guys, if anyone else does it live on the show, let's celebrate and shout you out
01:30:53But Tung Pham, let me just check
01:30:55Let's see
01:30:57And then I can give you access to the desk itself
01:30:59Literally, if anyone's still watching, look—this is what you get
01:31:00You go on the desk, and you've got—this is today
01:31:07Everything related to today
01:31:08Sorry, this is everything you find on the desk
01:31:12You've got the Today page, and you've got who's reporting
01:31:17You've got the events, the most shorted stocks, the insider trades, your net worth tracking, the economic data, and the Sensei Desk
01:31:21If you go to the Today page, you can read the newsletter within it, see the five top stories and what's going on
01:31:26You can view the chart of the day in the Today tab, and then read the full analysis if you open up the tab
01:31:34You have access to your watch list, to what's happening today, and our own Fear and Greed Index, which you can actually look at as a proper chart
01:31:40You can expand this chart and try to identify different trends based on whether there is fear or greed in the stock market or in other markets
01:31:47The crypto market
01:31:49I've been looking at this a lot
01:31:51I like to accumulate in big fear phases, for example, with Bitcoin
01:31:53And we've got our own fear and greed indexes
01:31:55We've got our own tracker
01:31:57I mean, this is such an amazing tool
01:31:59Everyone should know the state of all their finances every few months
01:32:02You can update it or just do it once
01:32:04Look, you can go in, see what are your assets
01:32:06You see, we've got some cash, some shares, a pension, a vehicle
01:32:11You can continue
01:32:15It guides you through every single step, takes five or ten minutes to set up, and then you get such a great breakdown of the best charts to really understand the situation
01:32:17You get access to the watchlist
01:32:19You get access to your..
01:32:21Accounts and taxes help you understand
01:32:26Sometimes, the best way to make money is to understand your jurisdiction
01:32:31You've got education—I think it's about 10 or 15 lessons, on how not to lose money and all the things you need to know before you invest
01:32:37Even professional investors or people who have been investing for a while still forget some of these lessons
01:32:45So go check them out
01:32:50 And then, some of the tools here include economic data, with which you can build your own charts
01:32:53For example, I always look at the inflation rate, plotting it over 10 years, to identify different trends
01:32:59You can zoom in on certain sections as well and see how they overlap
01:33:02You also have UK short interest
01:33:04You've got the Fear and Greed Index, and we've just added crypto bubbles as well, so you can see the bubbles on the day
01:33:07Literally everything in the crypto market today you can see on the week, on the month, and on the year
01:33:13You can see Zcash is the one that's outperforming everything
01:33:18You can go on the 50 largest, the top 100, and you've got access to that
01:33:23Then, one of my favorite things—this is what costs thousands, and I mean all of it costs anyway
01:33:28Let's not talk about the price because I get nightmares, but it's worth it because you can go in, and I use this for my analysis every Sunday
01:33:34Every time I look at any stocks, I will go here and say, "Let's just say Rocket Lab." We'll type in a ticker symbol, open it up, and we will understand the..
01:33:40There are no ads, no sponsorship
01:33:45It's simple, easy to understand, and it just gives you more insight into the company you're willing to invest in
01:33:51So, why not spend a few minutes understanding the company? That's part of the Desk as well
01:33:56And again, one of the big features that no one else really has is we're showing you the researched peers
01:34:03I mean, I couldn't buy a database for this, so we had to build our own
01:34:07For the researched peers, you can see who they are, their valuation compared to those peers over time
01:34:12I mean, this in itself is such an amazing tool
01:34:15You can see the news, and you can compare it to the S&P 500—what would be better for you? Can you identify any trends? There you can see the revenue, the future predicted revenue, all of this simply put out for any company in the US
01:34:24And also, that's just one part of the puzzle
01:34:34You get the whole newsletter every single day, every trading day, and also on Sundays with the XRP and the week ahead
01:34:43You get access to the Discord, you get access to one-on-one support, you get access to Sundays with Sensei, you get access to the TradingView indicators, you get access to a chart course
01:34:49I mean, all of that in one place
01:34:56So, guys, 25% off, and here is the link
01:35:02Oh my God, is the Church of Logic back? Is that the real Church of Logic? We've missed the Church of Logic
01:35:07And he's asking for the link
01:35:11The Church of Logic, the link is there
01:35:13It's not free for Gold members
01:35:16Members, this is a separate thing
01:35:18This is just part of the newsletter
01:35:20It's free for all newsletter members, so if you're a newsletter member, this is free for you
01:35:22This is part of your newsletter subscription
01:35:23We've just combined it all together, and right now, it's 25% off, with the price increasing in two days
01:35:27The Church of Logic—I can't believe you're back, it's so good to see you
01:35:31Such a three-year badge
01:35:36Yeah, it must be the real Church of Logic
01:35:40Are you still invested in Ford? Are you still invested in Ford? That's good; that's gone sideways for a long time
01:35:43I know, we used to debate about Ford all the time
01:35:47Guys, if you've signed up, let me know in the comments
01:35:50Let me know if you've signed up
01:35:56What's up, Sensei? Yeah, it is the Church of Logic
01:35:59So great! To have you back
01:36:03Anything like the desk, who..
01:36:04Anything like desk, who trade gold and not other stocks? Anything like desk? I don't know what you mean
01:36:08We look at all sorts
01:36:12The charts of the day, sometimes we look at gold and silver
01:36:14The Sundays we've sent here, we can look at gold and silver
01:36:18But if you're a premium member, then you get access, and we can talk about anything like that
01:36:20Yeah, I'm still up on Ford
01:36:22I swear Ford has just been going sideways
01:36:24Maybe you've been getting..
01:36:26Oh yeah, you did buy it at a good time
01:36:28I'll give you that
01:36:29You bought in COVID lows
01:36:30But I think we were debating whether it would go a lot higher
01:36:32I wasn't very sure of that, and you seemed quite sure of that
01:36:35What was it at? $12
01:36:37Yeah
01:36:38It's literally gone
01:36:39Sideways for the last four years, but I know you bought it during COVID, so I know you're still up and you probably received a nice dividend throughout as well, so you still own your Ford
01:36:46The Church of Logic, let's have a quick Q&A session
01:36:52We've done the charts; we can look at some charts as well, but let's do Q&A and then we can end today's show
01:36:56Lifer here, AJM is a lifer
01:37:05I love it, we love our lifers
01:37:09If you want to become a lifetime member, that's a one-time payment of $1,990
01:37:14You can choose that option or you can go annual or monthly
01:37:16Right now, the best deal is annual, averaging $9
01:37:19Nice
01:37:21Where have you been, the Church of Logic? Where have you been? I feel like I haven't seen you in years
01:37:27Let's see if there are any other comments
01:37:33Subscribe for the Desk Turn fam
01:37:39Um, I'll be onboarding you to death, so right now you have access to everything else
01:37:45If you're already on Discord, just open a ticket
01:37:49If you're not on Discord, then you'll get instructions on how to join Discord, and then I can onboard you for free
01:37:54I'll onboard you to the Desk shortly after the show, potentially
01:37:57An actual full-blown Walker cannot kick off a mirror on off the midterms
01:38:00I think everyone hopes not, but I guess it could happen
01:38:03That would be stupid
01:38:07I mean, what has anyone gained from this? I'm not sure
01:38:11Knocking stars since he always buys essential prices; he doesn't phone her in
01:38:14Yeah, I'd try not to
01:38:17Like I said, close above, and it's booming — time to buy, guys
01:38:19Close
01:38:22Above what big AI is up, but if you invest in the right companies, you'll be fine
01:38:27P/E ratios are always high on tech stocks, yes they are
01:38:32AI is getting dumber; I don't think that's correct
01:38:36One more hike for sure
01:38:40Crypto isn't even being hurt by rates like I predicted
01:38:44XRP has been doing well until today
01:38:46So, no unemployment at a critical level
01:38:47Good for the economy
01:38:50Just simple
01:38:53Newsletter is a game changer
01:38:54Knocking star
01:38:56I really do appreciate that comment
01:38:58Let me keep this open; we're just doing a bit of Q&A now
01:39:02Still paying dividends, yes, it seems like it's going my way; it might go to 4,380
01:39:04Overall, it might take time
01:39:09Holding a lot of gold
01:39:15Traders here today holding buys from 4,066
01:39:20I'll sell on confirmation, but right now I'm bullish
01:39:24Who is the...? Fool? Who is the fool-oleg? Don't know what's going on
01:39:28Federal duty
01:39:32Federal duty? Sounds ominous
01:39:36I don't know what that reads
01:39:40Federal duty
01:39:43I guess that's some government work
01:39:45Big says that's the problem
01:39:47Sweeps are important
01:39:49AJM says, would you show your portfolio to our company members? Yeah, well, my private portfolio, no, but we do a portfolio challenge in the newsletter side
01:39:55Let me show you
01:40:00We start with $5,000, and we're trying to grow that
01:40:06So yeah, we've—I can't show on the show, but we've got some positions up, some positions down, and we've been trading throughout
01:40:16I mean, last week, we had a position that was up 20%
01:40:20Apple is up
01:40:24We've got a few that are down currently, but we've just made buys on them
01:40:28Sunday, so grab, for example, is a buy that we made on Sunday, that's down 1.7 percent
01:40:31McDonald's is pretty much flat but down 0.75 percent
01:40:34Copper is up 10 percent, Apple is up 12 percent
01:40:38Yeah, it's a portfolio, but I share it with newsletter members
01:40:42If you're a newsletter member, then just join us on Sundays
01:40:45If you're talking about my private portfolio, I can try to put one together, and I think I should because I think a few people have asked now, to create a list of some of the ETFs that I like
01:40:52And just because that's my main portfolio anyway
01:40:59Sorry if you've already explained this, but I can explain the treasury yield to me like I'm five years old
01:41:04That sounds like something you just ask AI
01:41:08Like, apologies if you've already explained it
01:41:13This or it's probably best to ask AI because I'm sure it does a better job if you just want a simple explanation
01:41:15But essentially, let's just look at yields
01:41:17It's safe money
01:41:18It is government debt
01:41:20You buy it and you get a percentage back
01:41:22The issue is, sometimes you buy Treasury bonds, and because you're buying them and the yield, it depends how you buy them
01:41:27Let's say you buy some bonds and hold them; because yields are expected to rise, the actual price of the bond goes down, but you'll get a higher yield
01:41:38So there are different ways, but let's just try to explain this as simply as possible
01:41:44It's essentially you're buying government debt because you're lending the government money
01:41:48You're lending the government your money, and they'll just pay you a percentage
01:41:51They'll just pay you a percentage
01:41:54And the issue right now in the market is, let's say you buy some government debt
01:42:00You put in $2,000, and they say, thank you very much for your money
01:42:05We're going to give you some interest
01:42:06We're going to give you 4%
01:42:07The issue now is, they might say, okay, we're going to give you 8%
01:42:09And if they issue the bonds, the yields aren't there yet, but let's say they give you 8%
01:42:17The problem is, that's very high, and you can trust your government; they're probably not going to default on their loan, especially if it's the US or the UK
01:42:20They will give you 8%, and then everyone will start thinking, actually, if I can get 8%, I should be investing in these bonds
01:42:24Risk, why the hell would I invest in the stock market to try and get 9 or 10? I’ve got risk money, and then people can start withdrawing from the stock market, and then you've got an issue
01:42:29So, there’s a lot to it
01:42:34There are different things that cause the coupon to go up or down
01:42:39But I’m sure with the use of AI, you can really ask your questions, and it’s probably simpler to explain that way
01:42:46The Church of Logic says all done now, uh, back to the private sector, work pay better and less stress
01:42:50Okay, well, that’s good to hear, good to see
01:42:54No use of abusive words, brother
01:42:56We’re all learning
01:42:58I, uh, yeah, we don’t tolerate that
01:43:00I hope you’re not talking about us
01:43:04Moving to talk about me, there is no bearish thing at the moment
01:43:07Newsletter subscribers get to… Sensei's portfolio and his buys on Sunday show where he does a chart breakdown
01:43:11Yes, that's right, not to start, sometimes he buys when he sees an opportunity using his indicators
01:43:13That is correct
01:43:16Buyers get gold now
01:43:19Prepare, a lot of gold investors here today
01:43:24The build-up to this selling point is invaluable
01:43:30What are your thoughts on whether crypto will move by the end of October? Is the Republican better than Democrats for crypto? Well, we had a great bull market under Democrats, so I don't think it depends
01:43:35I don't even think it matters
01:43:43In fact, ever since Donald Trump came in, we had the peak, and then we've gone down ever since
01:43:48Yes, we started going up recently, but I don't think it matters
01:43:51I really don't think so
01:43:53I like to get into politics
01:43:56I mean, I don't like you; I'm allowed to say that I don't like either side
01:43:59Uh, I'm sure a lot of Trump supporters are going to hate me now, and maybe some Democrats will hate me as well
01:44:03But look, I don't like to get into politics, but when you look at crypto prices, I don't think either side matters
01:44:08I just think it's about sentiment, momentum, and how much money is available to go in
01:44:12Of course, crypto regulation will be great because it allows more money to come in, but we're going to get that anyway
01:44:19Obviously, the Republicans look like they're a bit more crypto-friendly, but the Democrats have been turning that way as well
01:44:24So ultimately, whoever's in charge, I think we'll get crypto regulations over time
01:44:30But even Without them, I think we can still do well
01:44:35Um, so I don't, I don't think it really matters
01:44:39Uh, Steam, uh, Steam says hi
01:44:43Charisman says, currently long on ES, been holding since 2 p.m
01:44:48I don't give financial advice, so I won't comment
01:44:52RJAmerica says, always watching
01:44:56Nice to have you here
01:45:01Knockingstar says, Apple earnings tonight
01:45:05Oh, no, not Apple, APLD
01:45:06Sensei Dash shows the company fundamentals and price targets, etc
01:45:09Yes, it does
01:45:10Thank you, Knockingstar
01:45:11Are we invested in APLD? Is that the one I was looking at? I don't even know what I'm invested in anymore
01:45:14APLD
01:45:17You guys make me buy all sorts on a Sunday show
01:45:20APLD? No, was I? Which one was APLD? It sounds so familiar
01:45:23Oh, Applied Digital
01:45:26No, I don't think I was invested in this
01:45:34Polymarket has the Democrats winning by a landslide
01:45:37I feel like those odds are trapped now
01:45:44If Democrats win, crypto will never get that act passed
01:45:48Prepare for the sell-off
01:45:52Yeah, but either way, it's kind of unlikely to get passed because even if the Republicans win, we have to start all over again anyway, and then the Senate's probably going to be the same—the Democrats are going to stop it anyway
01:45:56So, unless Trump wants to have some better ethics language, I don't think we're going to get very far in it, in any case, even if the Republicans win
01:46:06It depends, of course, on how much of the Senate they control, but they're not going to have a vast, massive majority anyway
01:46:10 Gap in the brain
01:46:15Gap in your brain, yes
01:46:19What's going on? Are people getting..
01:46:24Angry in the comments over gold? Are people attacking me? I don't know
01:46:27Gap in your brain
01:46:30Is that me? Are you talking to me, memes? This is very important for my next stock market prediction
01:46:33Do you eat your food with a fork or a spoon? That's a strange question
01:46:35Normally a fork, sometimes a spoon
01:46:40It depends what I'm eating
01:46:45Knocking stars, I think I use a spoon more than most, but yeah, normally a fork
01:46:50Oh, maybe it's 50-50
01:46:51I don't know, that is a strange question
01:46:53Knocking stars says, "Apply Digital is distressed." RTT says, "Are you guys ready for the big sell?" or Church Logic says, "I'm up 39% on XRP, considering last week of the month, taking profits and holding for the elections
01:47:09Dems will not support crypto." Yeah, it's interesting with crypto
01:47:12The last real buys were $1, $1.05, $1.02
01:47:14I did buy a little bit more right after the Clarity Act failed, so I don't think I’m going to buy more until I see how the market plays out
01:47:23Just on the off chance we are in a bull market, which there is a good chance of—50 potentially at this point—so I’m not FOMO-ing into crypto
01:47:32And my Bitcoin buys are literally at the bottom of the Bitcoin cycle, so I’m happy with that as well
01:47:42I would like to buy more crypto, but I’m not going to FOMO into it
01:47:44Rob says, just sign up for the desk
01:47:46Rob, just sign up for the desk
01:47:49Look at that, great timing—literally in two days' time, this is going to be finished
01:47:51I mean, we’re literally doubling the prices, so it’s a great chance
01:47:55So, Rob, congratulations to you if you’re on Discord
01:48:02Please open a ticket and just say I've signed up, and then we can give you access to the Discord side of it because, remember, you're on Discord but you don't even have access to my side
01:48:12But now you do, so you've got access to that, you've got access to Desk, access to the newsletters
01:48:13I told you to sell, my bros
01:48:15You did
01:48:17Sensei loving your positivity, says Knocking Star
01:48:19You mean five minutes? Yeah, I agree
01:48:22I'm waiting for the bottom to buy back in, says the Church of Logic
01:48:24Okay, we'll do, says Rob
01:48:26Yeah, nice
01:48:28Cool, this was fun
01:48:31Thank you, everyone, for tuning in
01:48:34I hope you—I mean, there was a lot going on there
01:48:37I'm going to gather my thoughts and put them in the newsletter in the morning, but it didn't look like the best FOMC minutes
01:48:42They're always about three weeks out of date, so it's from the last FOMC, so since that, we have had a little bit of bearish jobs data, which has moved the odds of a rate hike down
01:48:50But look at this, Nick Jones at Nick Jones 106 tipped one pound and 99 pence through Super Chat
01:48:53Sensei stole our plane emoji and gave us a desk celebratory hands-in-the-air emoji
01:49:00I love it, I love it, Nick Jones
01:49:04Thank you
01:49:09Sorry, I think it's better with the desk than the plane
01:49:13Who wants the plane anyway? I've just subscribed
01:49:17Why am I not seeing myself on the video? Oh, sometimes you don't have your public subscriptions on
01:49:21A new level, but if you want to become a member, you'll see yourself on the screen
01:49:26You can press that little button at the bottom
01:49:32Right, or do a Super Chat, you'll see yourself on the screen, or if you become a member of the Desk, I'll give you a shout-out
01:49:35You can join over here, the link is in the live chat
01:49:38Okay, I think we're going to wrap it up
01:49:40Let's wrap up this show
01:49:43I'll be back on Sunday
01:49:46Let's just quickly check out the Desk, what else is coming up
01:49:49Look, I literally use the Desk every day
01:49:52I think some people have got the Desk, but I think over time, if you just try and use it for three days in a row, you'll get into the habit, and that's when it becomes really powerful
01:50:00Not just for the company Desk, but for other things like the earnings calendar
01:50:03I was looking at what's coming up—Pepsi tomorrow, Tesco tomorrow
01:50:06Not something I'm looking at tomorrow
01:50:09We've got here, here we go, U.S
01:50:12weekly jobless claims—the weekly count of Americans filing for unemployment benefits for the first time
01:50:15So, this is the weekly one, and we'll get some information there
01:50:21We're also getting a Fed governor speaking tomorrow, and guys, you can input your own time zone as well
01:50:25Yeah, it should automatically connect to your device and know what time zone you're in, but it's giving it to me in my time zone
01:50:30Hmm, Fed Waller speaking—interesting, he's the pro crypto Fed
01:50:33So, that's at 4:30 a.m
01:50:36New York time or 9:30 a.m
01:50:40London time
01:50:44What else do we have? You know, that'll probably be the most important—it's the weekly jobless claims from the Fed governor speaking, followed by U.S
01:50:47consumer sentiment on Friday
01:50:51What do we have next? Week, oh, here we go
01:50:55Next week, we've got CPI on Wednesday, we'll be covering that, and that'll be very important
01:50:58PPI is on Thursday
01:51:01Then, the week after, we've got Tesla, UK retail sales, and then this is the big week—the last week of October, FOMC on the 28th
01:51:04Then we've got PCE the day after, followed by the ECB, the Bank of Japan, and the UK—all decision meetings there, so we'll keep an eye on that
01:51:22I think it's a good thing
01:51:40Let me just see, do you have a Discord application? I don't know what you mean
01:51:57The church—thank you for the super chat, but I am super confused
01:52:11The chat—no, let me see
01:52:19Do we have a pending request? Yeah, I am super confused
01:52:23I appreciate the super chat, though
01:52:27Yes, my application
01:52:31Oh, my application was denied a week ago
01:52:36Oh, I'm starting a new channel
01:52:37For travel
01:52:39So, oh, cool
01:52:41The chat logic is just because I think Martin only gives a short amount of time
01:52:43So, what you can do is just apply again and be ready
01:52:45If you want to apply now, Martin can just let you
01:52:47Once you answer the questions, you'll be allowed in straight away
01:52:51So, just apply again
01:52:55 What else do we have on the desk? Some of the stories today: India joins the rate hikes hours before the Fed minutes
01:53:00So, we saw this story here
01:53:02Sorry, I'm just checking it out
01:53:09Okay, here
01:53:17Yes, that was interesting — India raising rates hours before the Fed minutes, so they raised rates as well, to 5.5 percent
01:53:24 Then we've got a record high carried by a few big names
01:53:27We're seeing who is carrying the S&P 500, a few
01:53:30Stories there
01:53:33Um, SpaceX—this was a story last night—SpaceX wants to borrow 40 billion for Nvidia chips
01:53:36More borrowing, more debts in the AI sector, but if it's to grow, then I guess it's fine
01:53:41It's just, when does the music stop? If ever
01:53:46Maybe it never stops
01:53:49It always stops
01:53:53When does it stop? Okay, I think it's time to end today's show
01:53:56What we're going to go to now is Martin's earlier stream, where he looked at XRP, the seven-dollar XRP, and also he was helping a special guest live
01:54:05So, guys, if you stay where you are, you'll go over to that show
01:54:09I just want to reiterate, I'm going to onboard people now
01:54:17This is literally one of your final chances, as in two days' time, to increase in price
01:54:20Here is the link
01:54:22If you sign up for this, You also get access to Discord
01:54:24If you sign up through this, you get the chart training course
01:54:26If you sign up using the link that's in the live chat, you get access to the three indicators
01:54:33If you sign up through this, you get access to the desk, the research, the charts, the Sensei Score, the calendars, no ads
01:54:36You also get access to the daily newsletter, the XRP weekly, and everything as a full package
01:54:40The crypto bubbles—we're always innovating and adding new features
01:54:44So, sign up now and you will always have access
01:54:48That is the link in the live chat, 25% off, and if you secure it now, you will be securing that price, so you won't have to deal with the price increase
01:54:52You're locking in that price until next time
01:54:57As always, thank you, everyone
01:55:01For tuning in, let me close the poll so we can see the results
01:55:06What's everyone saying in the poll? Uh, will the Fed raise rates at the next FOMC meeting? 56% of you say yes, 30% say no, 14% say too close to call
01:55:14That's about 5.5%, 300 people voted
01:55:22I would say probably not, but I think we will get one in December
01:55:27We'll see
01:55:32Oh, oh, oh, we've got—let me see if I can get Martin on the show
01:55:35I think he's calling in
01:55:39So, let me just, guys, stay where you are
01:55:43I just missed this
01:55:47Let me see if I can get Martin on the show
01:55:51I think he wants to call in
01:55:53Let me turn on this
01:55:55Let me copy this
01:55:58Okay, guys, stay where you are
01:56:02I think Martin is calling in
01:56:05Let me also just go on the screen for a second and check this
01:56:09Bear with me one moment
01:56:11What is going on? There we go
01:56:13Guys, bear with me
01:56:15I'm seeming to have an issue here
01:56:17Let's see
01:56:26Hi, Martin
01:56:35Let me bring you in
01:56:44Let me see if I can bring you
01:56:45I think I have to put you on this screen here
01:57:13I haven't set this up, unfortunately
01:57:16Let me see if I can bring Martin on the show
01:57:17There we go
01:57:18That works
01:57:19Good morning, good afternoon, everyone
01:57:21Uh, congratulations, Sensei, a tremendous job this afternoon
01:57:23Great information on the FOMC
01:57:27I called in because this was the closing bell show this afternoon
01:57:32Sensei has done an extended show
01:57:36The reason for calling in is, as you know, there are only two days left before I am done
01:57:40I'm shutting down my services for the next five weeks
01:57:43Discord will continue
01:57:48Sensei's Desk will continue
01:57:52All my support on Instagram will continue
01:57:57I'll be watching and monitoring your trades and popping into Discord, but there will be no more YouTube broadcasting for me for the next five weeks
01:58:00It's been five years
01:58:04We've achieved every goal we set out to accomplish
01:58:07We built the network, four extremely successful channels
01:58:11We've taken $5,000 to $1.4 million live on the show
01:58:14My portfolio is now worth $1.4 million, and I am a self-made millionaire in five years
01:58:18Instagram gains about 1,000 followers a day
01:58:23Today has been tremendous
01:58:28The reason for calling in is to ensure that everyone is taken care of while I'm away
01:58:33We have 121,000 subscribers and thousands across all the other platforms
01:58:36We're very, very proud of what we've achieved
01:58:39Achieved
01:58:43And right now, though, we are at the edge of something very, very dangerous
01:58:51The market could explode at any moment
01:58:53Bonds are out of control
01:58:55Debt is out of control
01:58:57Inside trading is out of control
01:58:58We've spoken about Robinhood with its tokenization about to come online with their new social platform
01:59:06A lot of influencers there are taking advantage of everything
01:59:08And it's a very, very dangerous time to be in the market
01:59:20And this morning on the show, we had a very powerful event
01:59:24We helped someone get on the show, a gentleman with multiple sclerosis, who was about to be hacked, about to be scammed
01:59:32And live on the show, and in a few moments, we'll send you there as Sensei finishes
01:59:37I have to say, Sensei, I do
01:59:40Enjoy sitting here with all that wonderful imagery around me
01:59:42It does look very, very nice
01:59:44It looks good
01:59:46I look like I'm on Sky News or something
01:59:47Bloody marvelous
01:59:49Anyway, so we had a very powerful morning this morning, and we had a very deep discussion on how to invest in the stock market
01:59:55A lot was learned, and we discussed the 7-dollar XRP
02:00:00Now, as Sensei finishes, it will take you there automatically, and Sensei also, you know, will put the link—or I will put the link in the chat in a moment—and please do join us there
02:00:13But the reason for calling in is because I'm just about to say goodbye
02:00:16There's one show tomorrow
02:00:19The Friday show is ready to go
02:00:22One final music show tomorrow night, and then we're done
02:00:25The calendar is fully booked tomorrow
02:00:28All calendars are now closed
02:00:31You've fully booked my time today, tomorrow, and Friday
02:00:34There are no more bookings now for the next five weeks
02:00:41The reason for calling in is to make sure that everybody is taken care of and no one gets left behind
02:00:48I will be using the Sensei—I call it the terminal, not the desk
02:00:51It's better than the desk
02:00:55It's a Sensei terminal
02:00:58It's like the Bloomberg terminal, but better
02:01:02Live institutional-grade pool data
02:01:05This isn't a website or ChatGPT or copy and paste
02:01:08This is live data that we spend thousands of dollars a month to provide, offering live, institutional-grade data
02:01:10It's what the stock market uses; it's how they grab their sources
02:01:17Stock market and the New York Stock Exchange
02:01:25Exchange doesn’t go on Twitter and see what Fred Bloggs, the dustman, has just posted on his social account or his whatever account
02:01:29It pulls data from the official sources
02:01:32That's what we pay for, that's what you can access
02:01:36And during, while I’m away, I’ll be making sure that my audience, my Lucasaids, my Discordians, my Instagram followers, all of my family, the Newsy, Sensei’s family, are going to be taken care of
02:01:52Even though I’m on holiday, I’m taking a break
02:01:58I want to make sure that no one loses their money
02:02:01Today, I had a very, very emotional experience
02:02:03I had two incidents—one from Dave, and another from a young man in New York who is going through child support issues, sadly divorced, and facing a very difficult time
02:02:10It was a very..
02:02:17Emotional chat, as it was yesterday, with Anne—people struggling, people trying to make it through life and so on
02:02:26So even though I am on holiday and we’ve done everything we ever set out to do, and we’ve made $1.4 million from five thousand dollars, I want to make sure that you stay successful
02:02:35 So while I’m away, every single day, up to 10, 20, maybe 20 times a day, on my Instagram for 99 cents, you will see my breaking stories—breaking facts verified from our terminal
02:02:44Checked, useful information about the stocks you need to keep your eye on
02:02:52You might want to get that
02:02:55It’s only 99 cents
02:02:58I couldn’t make it one cent; Instagram won’t let me
02:03:01Otherwise, I would give it to everyone for free
02:03:05But I have to keep the bots and the trolls out, so it’s 99 cents if… You want that
02:03:09I'll be inside Discord every day, checking people's questions, popping in wherever possible
02:03:11But most importantly, you need to replace me
02:03:13And how do you replace me? With the Sensei Desk
02:03:21That is the platform that Sensei and I built
02:03:23It's based on my principles of investing
02:03:28And you've seen that I've beaten the market four years in a row, now up to 1.4 million
02:03:34I've beaten every trader on Robinhood, and there are 22 million users
02:03:39No one is close in the upcoming live event you're going to attend in a minute
02:03:47We show you all the numbers, all the facts
02:03:49We verify everything
02:03:51The whole story is laid out for you
02:03:52There were only two days to go
02:03:54I got very passionate and very angry about all the scammers on Robinhood Social
02:03:57Claiming they're the greatest
02:03:58All nonsense
02:03:59I share my trades
02:04:02I show you my trades
02:04:04I really have gone from five grand to 1.4 million
02:04:06You've all seen it
02:04:09And I'm absolutely bloody emotionally drained and exhausted, especially after four Canada chats with you guys the last two days
02:04:16The emotion, the love, the support, the need for this service is such a weight on my shoulders
02:04:21And I take that weight and I take it with pride
02:04:25So I want to make sure that no one messes up while I'm gone
02:04:29No one starts buying Binky Bonk
02:04:33No one sells out of fear
02:04:35No one gets frustrated
02:04:36Everyone stays connected
02:04:38And you can stay connected with the family
02:04:40And how you do that is this: take advantage
02:04:44My Discord members get 40% off the desk
02:04:46Some of you..
02:04:49You might not want Discord
02:04:51That's fine
02:04:53You also get a great deal—25% off
02:04:55And this service is already at a minimum cost
02:04:57We know
02:05:00There are people charging thousands for what we're doing
02:05:02We're giving it to you at the best prices
02:05:05So if you're not on Discord, you've got 25%
02:05:08If you're inside Discord, and that's only a couple of bucks to join, you've got 40%
02:05:12Do it however you want
02:05:17But what we want you to do is this: we want the community and the family to stay together and continue to win
02:05:21I do not want to come back and find everyone's out of the money, because there's no reason
02:05:23I've just shown you hundreds and hundreds and hundreds on my show this morning of people—on Robinhood, 80% of people, we've scrolled and gone through
02:05:30Thousands over the weekend are out of the money on Robinhood
02:05:35Out of the money, big
02:05:39I'm up 400% this year, as you know
02:05:42I've shared it on the screen—403% just this year
02:05:46I've done it consistently for three years
02:05:50How come 80% of people on Robinhood are out of the money? How? Because of the nonsense and noise going around at the moment
02:05:54Robinhood is proud to announce their social platform
02:06:01They've even backed certain people who aren't even showing you their trades, and they're losing money
02:06:07Unbelievable
02:06:12But people are following them
02:06:17The only winner is Robinhood, and they can literally get selfish, greedy, desperate people to create a social platform where everybody follows them because there's always some idiot
02:06:22That wants to get clicks and make himself seem famous
02:06:27Awful, awful people on Robinhood and social media
02:06:33So I don't want this to happen while I'm away
02:06:38Here's what you do: I strongly recommend you all get the desk
02:06:40It's affordable
02:06:43We've made it affordable for everybody
02:06:46But what you want to do is more than that
02:06:48Every day, go and check the news, fact-check, verify
02:06:52This is not opinion-based
02:06:54This is not nonsense
02:06:56This is not paid influencers; this is being pulled from the official sources
02:06:59Look at a stock that you're interested in, and we encourage you—we do not say you can't do this—we encourage you to do it, and only do it here
02:07:13Otherwise, they'll be hell up, and I will be really upset
02:07:18Only do it inside Discord, share and discuss what you're looking at
02:07:23You can share links; we don't have any of that, and we don't want it to get abused
02:07:28And we know it won't be because we've only got the best people now in Discord
02:07:33We've got a very strict vetting process to make sure only good people join us
02:07:38Take screenshots of what you're discussing and have healthy debate inside the server
02:07:42So, what you're going to see is fact-checked, institutional-grade data, real data, real information, and valuable sources that we pay thousands a month to bring to you
02:07:53Screenshot it, discuss it with your fellow LucasAids, Discordians, and Newsies inside our Discord
02:07:59Do not share it anywhere else
02:08:05I do not want to see it popping up all over the internet
02:08:11This is for you, this is for the family
02:08:15Institutional-grade, very important data
02:08:18This is the data I'll be reading; this is the data I'll be providing in my Instagram posts
02:08:21This is the information that I'll be using to trade, to buy more McDonald's, to buy more Coca-Cola, and to trim my positions in SpaceX and Rocket Lab
02:08:30All of that stuff, use it
02:08:32We built it for you
02:08:33It has come out at the right time
02:08:35We are two days away from the end of season five
02:08:40Sorry, season five has been record-breaking
02:08:41We are gaining a thousand followers a day on Instagram
02:08:46We are gaining one follower every few seconds on YouTube
02:08:51We'll be the first one-billion-channel
02:08:57We have members in 75 countries, fully booking my calendar all the time to have very, very personal, powerful conversations with me
02:09:02I cannot tell you
02:09:07How much that means to me, but how absolutely exhausted I am from all of it, because I feel the frustration and the pain of all of it
02:09:11And the manipulation is unparalleled
02:09:15At the moment, things are in a very, very bad way
02:09:19The information we provided for you for five years has been unsponsored
02:09:23No, no, no nonsense
02:09:27We've outperformed every other trader on Robinhood, social trading, not even close, not even close
02:09:31And every day I get offered a hundred grand and more to sponsor my voice, to sell my voice, to sell what we do
02:09:44No adverts on the desk, no commercials
02:09:46Sensei hasn't sold out either
02:09:47We provide you with the best, so get the desk, and it is the virtual me while I'm away because it was built with my principles
02:09:56When I said to Sensei, if I'm going..
02:10:00To back the desk, if I'm going to support it, if I'm going to use it, if I'm going to share it, if you're going to promote it on my channel and inside my server, it has to be about how not to lose money, not how to make money
02:10:10Because every other platform focuses on how to get rich in five minutes—bright colors, bright red, bright green, confetti, excitement
02:10:18We have a walnut brown desk like Warren Buffett's and like mine
02:10:20It's supposed to show you the value of a business, not the excitement of a stock
02:10:28The desk is the best investment you will make
02:10:33It's education, and it's designed to teach rather than entertain
02:10:36Okay? Get the desk if you're in a position to do so
02:10:42We know some people don't have the money, and we understand that
02:10:44If you do and..
02:10:47You use it
02:10:50It's the virtual me
02:10:52It's built upon my principles of investing
02:10:53It provides value
02:10:54It provides a calmness
02:10:56It provides quality, institutional-grade data
02:10:58We don't find it on social media, from some idiot's comments on X
02:11:03It's not based on his opinion
02:11:06It's not my opinion
02:11:08It's facts
02:11:11The information will be there, and we want you to share it within the family
02:11:13Take pictures
02:11:14Take screenshots
02:11:16Inside Discord and Discord only
02:11:18I don't want to see it anywhere else, and I know you won't let me down
02:11:23Discuss it—what do you think? What would Martin do if he were here right now? Because I can't be with you, I need a break
02:11:32What would Martin do? I will pop in whenever I can, and I will discuss it with you
02:11:36There's no reason to lose 80% of the value
02:11:40Gone through thousands on Robinhood, all out of the money, and there's one thing they have in common: they're all following influencers, some of them promoted by Robinhood
02:11:49There's no need to lose money
02:11:51I'm up 400% this year, and it's not just magic
02:11:55It's because I use the Desk
02:11:57I use this data
02:11:59I understand balance sheets
02:12:01So take advantage of what Sensei is offering you, whether you take 25% off outside of Discord or you jump into Discord and be part of it inside, and get a discount there
02:12:06Whatever you do, share it
02:12:11Share it with each other
02:12:14Discuss it
02:12:18Healthy debate, because don't buy or sell anything until you have had a debate inside our server
02:12:22Our server is now built to be useful
02:12:25I've just been spending, well, Sensei's online, over
02:12:28150 applicants wanting to join Discord before I go away
02:12:31It's gone nuts
02:12:34And every single one has to go through the same vetting process
02:12:38It's exhausting because if I just go, screw it, let everybody in, take two bucks from everybody, it'll be full of scammers, bots, trolls, buffoons, liars—buy Bitcoin
02:12:43It'll be useless
02:12:48We've worked tirelessly to bring you the best service
02:12:53We've resisted every offer of sponsorship to ensure quality
02:12:58I've been up 18-hour days for five years straight to bring you this information, making it valuable and useful
02:13:03So go and use it
02:13:08Go and share it
02:13:13And before you buy anything, discuss it with your fellow Discord members, because we've got one billionaire in our server, lots of..
02:13:19Multimillionaires and millionaires, and good people
02:13:24Good people like Dave I spoke to today, another Dave earlier, like Jesse, our retired policeman, like Anne yesterday, very emotional yesterday
02:13:29Virtually, she was in tears, and I was virtually in tears too
02:13:34Good people who aren't going to lie, scam you, or sell you something dishonestly
02:13:38Have a conversation
02:13:42And if after a conversation, it sounds good, it makes sense, maybe make a decision
02:13:47And whenever possible, I will jump in and say, "I'm buying McDonald's today," or "I'm selling this." I wouldn't buy that right now
02:13:52That's not for me
02:13:57Right now, at this moment, I am just moments away from putting $46,000 into McDonald's
02:14:03I will share that with you inside Discord
02:14:06Martin's Trades or Martin's Pro Trades if it's out of hours
02:14:07I'll be monitoring you and helping you 24/7
02:14:14Look, this is my real position, my real money
02:14:17Look at this
02:14:21If I go here, this is $1,076,000 from five thousand, folks
02:14:24Not showing off
02:14:26This is to show you you can do it
02:14:31Look at what I've got invested now, $1.4 million
02:14:36Look at my gain in one year, 395%
02:14:41And SpaceX is down and I got half a million in it
02:14:44Why am I not down a hundred grand today? Why? Because I got my rotation trade in play
02:14:48Coca-Cola is doing well, McDonald's is just trimming off a little bit
02:14:51I'm ready to buy more
02:14:55Look at that, folks
02:14:59Look at that, and know you can do it
02:15:02I spoke to Dave earlier, a single parent struggling with three kids up to his eyeballs with child maintenance
02:15:06I've got literally no money
02:15:10I'm working 130 hours a week
02:15:14Everyone here can win, and we want to make sure you do
02:15:19And we'll do everything we can to protect you
02:15:24All right, so it's just about time for me to, oh, McDonald's looks really good
02:15:28I'm about to buy some
02:15:32Maybe it'll be done now
02:15:39Maybe I've got to hand you back the set
02:15:46This Sensei Show, Sensei's earning money on this show, and he's not doing any work, so Sensei will like this one anyway, and I'll probably just — he probably has 400 people watching his desk as well, so Sensei's sitting back and going, I like this whenever Martin wants to call in
02:15:50This is great
02:15:54Listen here, folks, all joking aside, it's been an amazing, amazing journey
02:15:57It's the greatest privilege in the world to talk
02:16:00To 75 countries every single day, we've achieved every goal we've ever set out to do
02:16:03Today, we've blown up
02:16:07We've gone viral
02:16:11I mean, if I can just show you what Sensei just achieved, this is ridiculous
02:16:13Look at this
02:16:16Sensei had 100, and look, 100
02:16:18Can you see that? I don't know if you can
02:16:21Oops, hang on
02:16:24Let me try that again
02:16:24157,000 views over the last, look, look at that
02:16:27These FOMC minutes
02:16:30We are getting bigger views than Bloomberg, CNBC combined for their events
02:16:33It's incredible
02:16:35We rank number one for everything
02:16:38Look at the subscribers today, rolling around, 121,000, it just keeps on going—1,000 a day
02:16:43Follow me on Instagram
02:16:44We're here to help you
02:16:46It's been the greatest privilege of my life to serve you
02:16:49I will continue to..
02:16:52Do so
02:16:55But if I don't take my wife out for a walk, and if I don't take a break now, I'm going to break, okay? So, I'm going to leave you in two days' time, Thursday, Friday
02:17:00There are no more calendars; they're all fully booked
02:17:06There will be a Discord event today at 4 p.m.; we've got a couple more to go
02:17:11Consider getting yourself the desk; Sensei will offer you the best deals, I swear
02:17:19If he doesn't, I will bang him across the head until he does
02:17:23He knows I’m not joking
02:17:26All right, I will make sure everyone gets the best deal, takes care of it, and discusses it
02:17:30Use it every day, open it, discuss it, take screenshots, and share it with each other
02:17:34Please, buy value
02:17:37Don't listen to these people on social media
02:17:40Do not
02:17:43Listen to the people on Robinhood and social media
02:17:45The only benefit to that is Robinhood
02:17:47They want everyone to trade
02:17:49They want me to do it
02:17:51I've spoken to them
02:17:52They want me to share all my trades on Robinhood
02:17:55You've got 120,000 people
02:17:57You've beaten the market four years in a row
02:17:59If you share your trades, everybody will follow you
02:18:01Yeah, I know
02:18:02And who gets rich out of that? You do
02:18:04They don't even know what they own
02:18:07I'm not doing that
02:18:10Yeah, but you'll get loads of followers
02:18:11I don't need your followers
02:18:13I've got followers coming out of my ears
02:18:16I don't want people to follow me blindly or buy something they don't understand
02:18:21We want to educate people so they know what they own
02:18:24They know and understand what they own
02:18:26That is what we..
02:18:29We want to do
02:18:31So we want to educate
02:18:34We want to teach in an environment with no noise and rah-rah
02:18:36Yes, it gets entertaining
02:18:38I know how to make it entertaining
02:18:39I'm an entertainer, right? But no sponsorship, no commercials, no nothing
02:18:44None of this, none of this never-ending coupon code
02:18:45Tomorrow it's this, tomorrow it's that
02:18:48Always providing value
02:18:51So Sensei, I want to hand back to you, wrap up the way you want to do it
02:18:55I encourage everyone, if you're in a position, to invest in the Desk
02:18:59But more importantly, use it and share it exclusively inside Discord
02:19:03It was built the way I wanted it to be — to be solid and reliable, and to show you not how to get rich, but how not to lose
02:19:14And I have proven to you by going from five grand to..
02:19:15Nearly one and a half million
02:19:20I'm a self-made millionaire
02:19:22I'll be a multimillionaire by the end of next year, more than likely
02:19:24Multimillionaire from nothing
02:19:27If you focus on value, focus on good, solid principles, you can do the same
02:19:29No matter whether you've got $1 or a million, do the right thing for the longest time, and you will win
02:19:42I want to wish everyone the best
02:19:43If I don't get a chance to see you again because you don't see me Thursday and Friday, I wish you the best
02:19:47I'll see you in five weeks' time
02:19:50Everyone else, I'll see you tomorrow and Friday
02:19:54Sensei, thank you, mate, for providing a wonderful service that I could be proud of, to share, support, back, and endorse on my channel
02:20:02You've been great
02:20:03Asset to this channel and a wonderful friend of mine
02:20:05And I want to send all my love to your family, and I'm going to hand it back to you to wrap this up in any way that you choose to do so
02:20:11But I wish you all the very best
02:20:17The rest of you, I'll see you for the Discord event at 4 p.m
02:20:19Central, 5 p.m
02:20:21Eastern
02:20:23Everybody else back tomorrow and Friday, then we're done
02:20:25Sensei, it's back to you
02:20:26Wow
02:20:28Thank you, Martin, for being on the show
02:20:31It's great to always have you on the show, and thanks for the kind words
02:20:38We all wish you the best break—you definitely deserve it
02:20:40And guys, if you want to sign up for the Sensei Desk, as Martin was discussing, we are encouraging people to now go into Discord, share screenshots, keep the community going, and..
02:20:50We'll be there to pop in
02:20:53Martin, as he said, he'll be there, and also reacting to some of the posts and the conversations going on
02:20:59I'll be wrapping this show up now
02:21:01I'll probably be seeing you in the Discord event later today
02:21:07Guys, here is the link, it's in the live chat
02:21:09I put it there three times
02:21:11You can see it—you get 25% off, or you can go over to Discord and use the discount there
02:21:16There are going to be limited spots available over the next couple of days
02:21:20I'll post those figures shortly because this is the price before the price increase, and otherwise, the company could go bankrupt with the desk, so we encourage everyone to sign up
02:21:28And yeah, on Friday there will be the..
02:21:33Price increase, so guys, thank you so much for tuning in
02:21:38I'll be posting more thoughts, as always, in the newsletter in the morning
02:21:43Thank you, Martin, for coming in and sharing that really powerful stuff
02:21:48Until next time, guys, if you stay where you are, you're going to go over to that event Martin was talking about—the $7 XRP—and help that member out as well
02:21:53So, stay where you are, and you can go to that event
02:21:56If not, I will see you
02:22:00Martin's posted that link in the live chat as well
02:22:02Can you pay monthly? Yes, you can
02:22:04Just click on the link
02:22:06I mean, you can sign up for free, obviously
02:22:08You won't get access to the desk and most of the perks, but you can sign up for free, and you still won't see any ads
02:22:10Yes, you can pay monthly
02:22:12Monthly, click on the link, type in your email
02:22:14You've got three choices: monthly, annual, or lifetime membership
02:22:16Um, um, what a stupid comment from someone
02:22:18Yeah, Discord's a scam
02:22:20Yeah, there are scammers on Discord, but the one place you won't see scammers is in our server because we vet everyone, and everyone can vouch for the Discord
02:22:25What a silly comment
02:22:31Oh, anyway, guys, yeah, you can sign up for monthly, click on that link, type in your email, and you can sign up for free
02:22:37Check it out—you can choose monthly, annual, or lifetime
02:22:43The 25% off is on the annual plan, which is the best value at the moment, but of course, you can go monthly as well
02:22:45I'll post a link one last time
02:22:48There it is
02:22:50Martin said, "Must watch now." That's where we're heading now
02:22:53Until next time
02:22:55Time, as always, take care of yourselves and each other
02:22:59Bye-bye.