Risk and Reward with Marek Capital Co-Founder Matt Cherwin

March 13, 2026·1 hr·5 clips

A veteran trader describes the 2020 moment when he finally saw how the financial system's engine room really works.

Rates sit at the center. The guest says the market setup needs lower rates; a business-forward administration alone is not enough. The calendar gets a close look. A new Fed chair in the middle of June could be the spark, though the confirmation hearing may not show the real shift. Process gets equal billing. The guest treats regulation as something more concrete than ideology, because time spent dealing with process and bureaucracy changes what institutions choose to solve. That is his flywheel: lighter regulation, easier rates, and a business-forward administration feeding each other before markets fully price it in. The host pushes on the weak spot. He takes that policy setup into the old bond-vigilante argument and asks whether bond markets still force discipline when deficits keep growing. The question is practical, not moral. What makes a government change course? Stocks come in as the faster enforcer. The host suggests equity investors may now punish disliked policies quickly enough that officials absorb the message. Deficits get a hard look too. He points to Japan and United States history as cases where debt fears did not always bite. The guest keeps the bond-vigilante phrase alive, pointing to last year and an April moment when Treasuries and mortgages pushed back and the administration backed off. The useful part is the translation: policy talk becomes rates, regulation, market tantrums, and real pressure.

As heard by us

A sharp look at how policy shifts and market discipline interact.

It tracks how markets are trying to price a shifting policy backdrop in real time: lower rates, a new Fed chair in the middle of June, and a push to peel back regulation.

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Why you'd press play

Press play for a sober read on rates, regulation, and bond-market reflexes.

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