On a big up day for stocks, with the S&P pushing new highs but the Nasdaq lagging, Chris Vecchio sits down with Dale Pinkert, marking his 50th year in the industry, for a wide-ranging macro conversation. The spine of it is the bond market: yields keep grinding higher even as equities rally, and Pinkert lays out why he's watching for the 10-year to push above 5% before the move completes. From there the threads connect. He walks through Japanese currency defense and the risk of another carry-trade unwind like the summer of 2024, why he believes intervention marked a major high in the yen, and how an eventual move toward yield curve control could leave the US dollar as, in his words, the sacrificial lamb. He also shares a chart insight from his community, a tight correlation between silver and semiconductors, and why he isn't yet convinced gold and silver have bottomed. These are Pinkert's own views and this is not a recommendation or investment advice. 📊 tastylive: tastyl...