{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Wealth Recap","title":"A New Fed Chair, Why Bonds Are Competing With Stocks, Potentially the Largest IPO in History, and a Building That Lost 97 Percent of Its Value","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/45798ef7\"></iframe>","width":"100%","height":180,"duration":896,"description":"This week: Kevin Warsh was sworn in as the new Federal Reserve Chair, and we explain what he means by a \"reform-oriented\" Fed and why the balance sheet may matter as much as interest rates. A key measure of expected stock returns versus bond yields has shrunk to its narrowest level since the dot-com era, and we explain the equity risk premium. SpaceX filed to go public at a valuation approaching $2 trillion — potentially the largest IPO in history — and we break down what an IPO is and how companies entering public markets can become part of major stock indices. And a building that sold for $100 million a decade ago just sold for $3 million, and the story behind that number may change how you think about real estate.\nSources referenced in this episode:\nBarron's — https://www.barrons.com/articles/spacex-ipo-how-to-buy-risk-openai-anthropic-e48e5e9b\nCBS News — https://www.cbsnews.com/news/kevin-warsh-sworn-in-federal-reserve-chair/\nCBRE — https://www.cbre.com/insights/figures/denver-downtown-office-figures-q1-2026\nCNBC (CME FedWatch) — https://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html\nCNN — https://edition.cnn.com/2026/05/22/economy/kevin-warsh-sworn-in-fed-chair\nFederal Reserve (H.4.1) — https://www.federalreserve.gov/releases/h41/current/\nFederal Reserve (H.15 Daily Yields) — https://www.federalreserve.gov/releases/h15/\nICI (Active and Index Investing) — https://www.ici.org/research/stats/combined_active_index_0326\nWSJ (Equity Risk Premium) — https://www.wsj.com/finance/stocks/the-risk-premium-for-holding-stocks-over-bonds-is-vanishing-95be5b9d\nWSJ (Denver Office Conversions) — https://www.wsj.com/real-estate/commercial/america-s-emptiest-downtown-f1f4cdf1\nNew episodes weekly.","thumbnail_url":"https://img.transistorcdn.com/ThiqWOkvAKuwT04liIdk7PRJTVJx2a6dnFZG6naTYzE/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8xZTI3/MDhhYzJiYTdkZTFj/MjM3MTNlYWZmOWU4/ZGJkMi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}