How the Cycle Might End: Redistribution

Director of Global Macro Strategy at StoneX Vincent Deluard explains his three-bubble thesis for 2026, why tax receipts reveal stronger nominal growth than headline data, how fiscal stimulus could fuel a second inflation wave, the Fed’s likely policy path under Kevin Warsh, and why international diversification matters more than ever. Enjoy!

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Timestamps:

00:00 Introduction

02:28 2026 Growth Acceleration, Taxes & Fiscal Policy

13:15 Ads (Grayscale)

19:32 Monetary Policy, Kevin Warsh & Inflation

24:33 AI CapEx Boom, Energy Demand & Growth

29:54 Ads (Grayscale, Coinbase)

40:27 Geopolitics, Energy & Global Allocation

47:48 Commodities & Precious Metals

51:30 Final Thoughts

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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

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