Greetings, Investors! And just that fast, 2025 is pretty much in the books! Less than two holiday-shortened weeks to go and we'll flip the calendar to 2026 and -- among other things -- see if the math and reality are more evident in the upcoming mid-term election year.
As you remember, of course, my theme for 2025 was "Let's Do the Math" -- and I've just recorded a new YMT podcast to wrap up how the math worked (or in some cases didn't, or was worked around for now) for markets, metals, interest rates, other asset classes and the Trump 2.0 agenda.
You can listen to this wrap-up RIGHT HERE, or by clicking the above graphic. (NOTE: As I say at the outset of the podcast, this one is audio only; the 2026 theme podcast to follow will necessarily be both audio and video formats.)
Among my "predictions" for the year ahead is that we're going to have much more of a two-way market (and probably, as I suggest, beginning with a long-postponed correction once money managers don't have to show certain positioning they deem necessary to close out 2025.)
The volatility could be downright gut-wrenching at times, too, as the three combatants depicted above in our new cartoon from the great Jerry King have their showdown!
--> Will the Fed under current (at least through mid-spring) Chairman Jerome Powell carry the day, out-drawing The Bond Vigilantes, gravity and more (which just started with that new Q.E. program announced by Powell on the 10th?)
--> Will The Bond Vigilantes spoil both the Fed's and especially "T.A.C.O.'s" plans to run the economy hot through 2026 with no consequences?
(Pay especially close attention to this in the new podcast!!!) Will the bond market spoil the party and force whoever is running the Fed to RAISE interest rates anew?
--> Will President Trump manage to get by -- and help the G.O.P. avoid a bloodbath in next year's mid-terms -- by somehow "winning" this duel (and avoiding The Math's consequences for a second year), even if he needs some help and a lot of LUCK along the way?
It's going to be a crazy year ahead!
For present purposes, we'll all be throttling down at least somewhat this week to mark the date when we commemorate the birth of The Lamb of God.
May you all have a Happy, Merry and Blessed Christmas !
All the best,
Chris Temple
Editor/Publisher
From the desk of Chris Temple -- Monday, Dec. 22, 2025
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