Rising Yields Are The Greatest Threat Markets Face Today | Stephanie Pomboy

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**Stephanie Pomboy** (0:56)
The bottom line is the higher-for-longer interest rate environment, I think, is very much here to stay, especially if you're bullish on AI and this whole CapEx boom, because that's going to feed this crowding out phenomenon that's putting upward pressure on treasury yields, which happens to be the benchmark against which everybody is tied. So you're talking about higher-for-longer for everybody.

**Adam Taggart** (1:30)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart. Refresh from vacation and very excited to pick things back up with this monthly update from our great friend, the macro maven herself, Stephanie Pomboy. Hi, Steph, how are you doing?

**Stephanie Pomboy** (1:43)
I'm great. How are you?

**Adam Taggart** (1:45)
Good. All right. Well, Steph, look, I just got back from vacation. You are now out west.
You make your western sojourn every summer when the temperatures just get too crazy in your home state of Florida.

**Stephanie Pomboy** (1:58)
Yeah.

**Adam Taggart** (1:59)
And before I left, everybody was on pins and needles about you because you basically arrived in the west to do a lot of hiking and enjoy yourself and very quickly managed to somehow break your kneecap in half. Screw that all up.

**Stephanie Pomboy** (2:14)
Yeah.

**Adam Taggart** (2:15)
Well, how are you? How's the recuperation coming? Are you doing okay?

**Stephanie Pomboy** (2:19)
Yeah, I'm doing good. You know, mentally, I'm done. I'm prepared to go hike again.
My knee has other ideas. So that's the real hurdle that I'm dealing with. But I guess that's also something that comes with age. You know, you expect your body to be able to do things that it might not necessarily be able to do anymore. So it's an adjustment. But I'm doing great. And Wilhelmina had her ACL repair last week, and she's already bouncing around like she didn't have any surgery. So we're both fine. But thank you for asking.

**Adam Taggart** (2:52)
I'm glad to hear you're okay. I feel terrible that both you and Wilhelmina have had injuries to deal with. Are you in pain or are you okay?

**Stephanie Pomboy** (3:00)
I'm okay. You know, it's not a day at the spa, but it's not the end of the world either.

**Adam Taggart** (3:06)
And the painkillers mix pretty well with the margaritas.

**Stephanie Pomboy** (3:11)
Oh, man. Yeah, I don't dare. At altitude, I can barely drink half a margarita. I wouldn't even contemplate mixing a painkiller with that because I'd be flat out on a floor somewhere. But no, everything is great and we're cruising along. And, you know, while it put a real crimp in my hiking, this is just such a wonderful place to be that it's hard to be down about it when you walk outside and you can take in beautiful scenery and breathe the fresh air. And so I'm good. Thank you.

**Adam Taggart** (3:42)
Well, I got a taste of the beautiful experience just having been in Glacier National Park for the past week, for those that missed me saying that before I left. Great time. I celebrated both my 25th wedding anniversary, which is why we booked the trip in the first place. We booked it last year and then we kind of moved it because we had to move states. And then this happened to coincide with my birthday. And so that was fun.

**Stephanie Pomboy** (4:07)
Also your 25th.

**Adam Taggart** (4:09)
Yeah. Also the 25th, exactly. If only.
If only. If only it was even half, 25th is only even half my age.
And now it's close to our 26th anniversary. So we kind of celebrated both while we were out there. And Glacier, absolutely beautiful. I don't know if you've ever been there, Steph. It's stunning. I've spent time at a few national parks, Yosemite in California, which is gorgeous. The Tetons, Jackson Hole, I've been out in Vail near you in the past. And those are all very beautiful. I will say, and someone I'm sure will correct me in the comments, but that Glacier, I think, has more kind of like hero vistas than any place I've ever been. Like Yosemite, that Valley View when you come in, you see Half Dome and El Capitan, that's gorgeous. But that's kind of the hero shot for Yosemite. Everywhere you look basically at Glacier has kind of a view like that.