0:00 Alan Greenspan, the Federal Reserve chairman who presided over the U.S.0:08 economy for nearly two decades, has died.0:13 He was 100 years old.0:16 In our last briefing, we tracked the ten stories that mattered most.0:24 That mission continues today.0:27 Here is your crucial ten for Monday, June twenty-second.0:34 One.0:35 Alan Greenspan's passing marks the end of an era.0:41 Appointed by four presidents, his tenure started with the Black Monday crash of 1987, when the Dow lost over twenty-two percent in a single day.0:58 He was the second-longest-serving chairman in the Fed's history, a figure whose pronouncements could move global markets.1:13 His death today isn't just a headline; it's a historical bookend.1:21 Two.1:21 Across the Atlantic, British Prime Minister Keir Starmer just resigned.1:30 This follows a key by-election loss to Andy Burnham, who is now expected to become the next premier.1:42 The immediate effect?1:45 Market instability.1:47 Investors are now questioning the UK's entire fiscal outlook, worried about a surge in borrowing and bond sales.2:01 The pound is already under pressure.2:05 Three.2:06 There is progress in the U.S.-Iran peace talks.2:11 Negotiations in Switzerland are moving toward a ceasefire, specifically to keep the Strait of Hormuz open for shipping.2:26 This is a significant de-escalation after Iran’s state media claimed the strait was closed just last week.2:39 Four.2:39 That progress comes with a major catch.2:44 Former President Trump just posted on social media that if Iran's proxies in Lebanon don't stop "causing trouble," the U.S.2:59 will strike Iran again.3:02 He also threatened to impose a toll on Iran for passage.3:09 This keeps geopolitical risk on a knife's edge, regardless of what happens in Switzerland.3:20 Five.3:20 Back at the Fed, a new chairman is signaling a new style.3:27 Kevin Warsh held his first press conference last week, and it was a departure.3:37 He was cautious, stonewalling on future rate guidance, but also used humor and announced five new internal task forces to catalyze change.3:54 The takeaway is clear: this is not Greenspan's Fed.4:00 This is not even Powell's Fed.4:03 The communication strategy has fundamentally shifted.4:10 Six.4:10 That shift is having a massive impact on precious metals.4:17 Gold has fallen twenty-five percent from its January peak, dropping from nearly 56 hundred dollars an ounce to around 41 hundred.4:33 Silver is worse.4:35 It’s down forty-seven percent, from over 121 dollars to just 64.4:43 The Fed’s signals of potential rate hikes and a stronger dollar are crushing non-yielding assets.4:54 Seven.4:55 U.S.4:56 stock markets are treading water.5:00 The Dow is up slightly, the S-and-P 500 is barely positive, and the Nasdaq is flat.5:10 Why the hesitation?5:12 Everyone is waiting for one number.5:16 The Personal Consumption Expenditures inflation report for May drops this Thursday.5:26 That data point will dictate the Fed's next move, and no one is placing big bets until it's out.5:38 Eight.5:39 A major barrier was just broken on Wall Street.5:45 Trulieve Cannabis is now the first U.S.5:49 plant-touching cannabis company to list directly on the New York Stock Exchange.5:59 This is a landmark moment for an industry that has operated in a legal gray area for years.6:10 It's a signal that mainstream finance is finally opening the door.6:18 Nine.6:19 The consolidation in aerospace and defense continues.6:25 MDA Space just paid 620 million dollars to acquire Blue Canyon Technologies from Raytheon.6:36 This is another move in a sector-wide reshuffling as companies race to build out satellite and space-based technology capabilities.6:52 It's a big price for a key piece of the puzzle.6:58 Ten.6:58 Finally, look at the demand for AI.7:03 A new note from UBS analyst Melissa Weathers ahead of Micron's earnings this week highlights the core driver of the tech market right now.7:19 She states that demand for DRAM memory, driven by AI workloads, is set to "vastly outpace supply growth." This isn't about one company's earnings.7:37 It's about a structural shortage powering the next wave of technology.7:46 Alan Greenspan was known for his opaque language, for coining the phrase "irrational exuberance." He built a career on calculated ambiguity.8:03 Today, the market faces unambiguous challenges — from geopolitical threats to hard inflation data.8:15 The era of the oracle is over.8:18 The era of the algorithm has begun.
