MacroVoices Erik Townsend &amp; Patrick Ceresna welcome, Lyn Alden. They discuss the Hormuz crisis, Fed policy under new leadership, budget deficits, the AI trade, and AI&#x27;s mounting demands on energy markets. https://bit.ly/4oJoM7q 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/3R2YuAL ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik&#x27;s Substack: https://eriktownsend.substack.com/

MacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?

Macro Voices

# Full Transcript

**Podcast:** Macro Voices

## Transcript

This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices and other sophisticated investors. Macro Voices is all about the brightest minds in the world of finance and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are your hosts, Erik Townsend and Patrick Ceresna.

Macro Voices episode 538 was produced on June 25th, 2026. I'm Erik Townsend. Traffic is starting to flow through the Strait of Hormuz and many indications suggest that the Iran conflict is finally coming to an end, although the jury is still out on the nuclear negotiations with U.S. and Iranian officials making diametrically opposing public statements about what has and hasn't been agreed to.

And to my great surprise, the dollar index broke out to the upside and the stock market started to roll over slightly lower, coincident with the news suggesting that the conflict is finally ending, which certainly wasn't what I was expecting. So to make sense of whether the conflict is really over and what it all means for financial markets, I'm pleased to welcome back bestselling author and Macro Voices all time listener favorite, Lynn Alden as this week's feature interview guest.

Lynn and I will discuss the Hormuz crisis status, what to expect from the Federal Reserve and its new leadership, budget deficits, the AI trade and whether it's a bubble that's about to burst or a trend that still has legs, the demands AI will place on energy markets and much more. Then be sure to stay tuned for our postgame segment after the feature interview, starting with Patrick's trade of the week based on Lynn Alden's interview.

Due to my flight schedule this week, I'll be leaving the postgame segment in Patrick's able hands. And I'm Patrick Ceresna. We continue to see aggressive repricing of oil week over week. WTI dropped roughly 885 basis points, falling to 69.28 as the market continued to price out geopolitical risk and unwind the prior risk premium.

At the same time, the US dollar staged a technically significant breakout, rallying 210 basis points to 101.54 on the dollar index and decisively breaking above a 15 month trade range. Another notable move was the continued selling in gold, which has now declined roughly another 900 basis points, falling back towards the 4000 level we have not seen since October of last year.

So some very important macro levels when broken this week. We'll take a closer look at those charts and the key technical levels to watch in the postgame segment. This week's feature interview guest is bestselling author Lynn Alden. Eric and Lynn discuss fiscal dominance, stable coins and dollar demand, the long term implications of persistent deficits and why energy, infrastructure and hard assets remain central to the evolving macro landscape.

Eric's interview with Lynn Alden is coming up as Macro Voices continues r...

MacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?

Transcript

Built for investment professionals

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MacroVoices #538 Lyn Alden: Is The War Really Over and What’s Next For Markets?

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.