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.
Sources referenced in this episode:
Barron's — https://www.barrons.com/articles/spacex-ipo-how-to-buy-risk-openai-anthropic-e48e5e9b
CBS News — https://www.cbsnews.com/news/kevin-warsh-sworn-in-federal-reserve-chair/
CBRE — https://www.cbre.com/insights/figures/denver-downtown-office-figures-q1-2026
CNBC (CME FedWatch) — https://www.cnbc.com/2026/05/15/traders-now-see-next-fed-interest-rate-move-as-a-hike-following-inflation-surge.html
CNN — https://edition.cnn.com/2026/05/22/economy/kevin-warsh-sworn-in-fed-chair
Federal Reserve (H.4.1) — https://www.federalreserve.gov/releases/h41/current/
Federal Reserve (H.15 Daily Yields) — https://www.federalreserve.gov/releases/h15/
ICI (Active and Index Investing) — https://www.ici.org/research/stats/combined_active_index_0326
WSJ (Equity Risk Premium) — https://www.wsj.com/finance/stocks/the-risk-premium-for-holding-stocks-over-bonds-is-vanishing-95be5b9d
WSJ (Denver Office Conversions) — https://www.wsj.com/real-estate/commercial/america-s-emptiest-downtown-f1f4cdf1
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What is The Wealth Recap?
Your week in markets and money. The Wealth Recap covers major financial stories of the week and explores what they may mean for everyday financial life. From gas prices and job reports to market performance and interest rates, each episode is designed to help listeners build financial awareness and understanding. AI-assisted in drafting, with all content reviewed for accuracy and compliance by Buckley Wealth, an SEC-registered investment adviser. This podcast is for educational and informational purposes only and does not constitute personalized financial advice. Listeners should consult their own financial advisor before making investment decisions. New episodes every Wednesday. For more information, visit buckleywealth.com.