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Today’s Animal Spirits is brought to you by Fidelity Investments and Federated Hermes:
This episode is presented by Fidelity Investments and the all-new Fidelity Trader+, Fidelity’s most powerful trading platform yet. Learn more at 
This episode is sponsored by Federated Hermes. Explore their full ETF lineup at On today’s show, we discuss:
- The Era of Speedball Capitalism Has Dawned
- High Interest Rates Aren’t Slowing the A.I. Boom. That’s a Problem for the Fed.
- The Kids Are Alright:
The timeless angst over young people and money - Wealth of Generations Update Through the First Half of 2026
- The Gap Between the Rich and the Very, Very Rich Is Getting Wider
- Tech’s Nouveau Riche Suffer Sudden Wealth Syndrome as AI Pay Explodes
- The American Religion of Self-Storage Facilities
- The Mighty American Consumer Is Crashing Through Inflation and Driving Growth
- State of Markets II
- The Higher Rates, Higher Rent Doom Loop Is a Big Problem for the Fed
- Private Equity Has a Problem. Uncle Sam Says Your Wallet Can Fix It
- Smart Ring Maker Oura Becomes Latest Company to Delay US IPO
- You Are No Longer Invited to Dinner
- Why Bowl Together When You Can Scroll Alone
Listen here:
Charts:
Tweets/BlueSky:
JPMorgan on September retail flows:
“Largest rotation into long-end Treasury ETFs on record — and driven mainly by outsized inflows into $TLT as yields kept drifting higher.” pic.twitter.com/8Fr1zc6vcm
— Luke Kawa (@LJKawa) October 1, 2026
SWEET TEMPTATION: Money keeps pouring into $TLT as it keeps going down, and the more it goes down the more tempting it gets, like a bowl of ice cream and each 1% move down is another topping and you're starving. If history is any guide it's best to just walk past the ice cream… pic.twitter.com/bZUwU64Ouu
— Eric Balchunas (@EricBalchunas) October 2, 2026
American consumers are struggling right now.
Yes, they're still spending, but the strain is clear.Personal spending in August: +0.9%
Personal income in August: +0.2%That's a big gap. People are still spending, but many are dipping into savings (or credit) to do it. pic.twitter.com/0BHIAfqYDS
— Heather Long (@byHeatherLong) September 30, 2026
Recommendations:
- The Animal Spirits Shelf – An Independent Archive (Fan Creation)
- Tuner
- Patriot
- A Fabulous Debt by Robin Wigglesworth
- Roll the Calls by Ari Emanuel
- The Steps by Sylvester Stallone
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