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MacroVoices #537 Brent Johnson: There’s No Turning Back

Macro Voices

# Full Transcript

**Podcast:** Macro Voices

## Participants

- **Erik Townsend** (None)
- **Patrick Ceresna** (None)
- **Brent Johnson** (Santiago Capital)

## 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 537 was produced on June 18th, 2026. I'm Erik Townsend. The FOMC held its first meeting with Kevin Warsh as the chair, and the dot plot already anticipates a hike is more likely than a cut as the new Fed's first policy move. But the really big news of the week was President Trump announcing a memorandum of understanding to end the Iran conflict. That

announcement begs several questions. Is the war really ending, or will there be another escalation? Now, the White House had been widely criticized because the deal terms had not been disclosed initially. Then when they finally were disclosed, Friday's signing of the agreement was canceled in favor of a docusigning of the agreement remotely from Versailles. So exactly

what was agreed to, and does it really achieve all the goals that the president set forth at the beginning of the conflict? To answer those questions and more, Santiago Capital founder Brent Johnson returns as this week's feature interview guest. We'll discuss the Iran deal, Brent's outlook for the U.S. dollar, and much more. To address the outlook for oil markets specifically, I also recorded a live

debate between Dr. Anas al-Haji and former Goldman Sachs Commodity Strategy Chief Jeff Curry, and I strongly encourage anyone interested in oil markets to watch or listen to that debate. You'll find the link in your Research Roundup email or at zerohedge.com. Then be sure to stay tuned for our post-game segment for Patrick's Trade of the Week and our usual coverage of all the markets. And I'm Patrick Ceresna. We saw some dramatic repricing week over a week with the Iranian peace

deal coming together over the weekend. The most notable moves were in crude oil, where oil collapsed from the $90 level to the $73 handle, a close to 20% decline. This dried gasoline down to $2.78 a gallon, off more than 10%. The risk-off bid unwound as well, as gold pushed higher, up about 4.5% to $43.21,

and equities rallied on the de-escalation, with the S&P 500 climbing over 2% to $74.20. So a lot of ground covered in a single week. We will take a closer look at that chart and the key technical levels to watch in the post-game segment. Now this week's feature interview guest is Santiago Capital founder Brent Johnson. Erik and Brent discuss why de-dollarization may be more myth than reality, how supply chain

disruptions and nationalism are creating second-order inflation shocks, and why investors...

MacroVoices #537 Brent Johnson: There’s No Turning Back

Transcript

Built for investment professionals

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

MacroVoices #537 Brent Johnson: There’s No Turning Back

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.