Episode 817 of DH Unplugged, titled 'I am The House,' hosted by Andrew Horowitz and JC Dvorak, arrives September 8, 2026 with markets reeling from a post-Labor Day selloff, a Dow down more than 600 points, and Treasury Secretary Bessent openly boasting that he holds inside information on the Japanese yen. The hosts frame the comment as a watershed admission that policymakers now play the market as 'the house,' and preview a CPI print on Friday that many strategists are calling the ultimate credibility test for the Federal Reserve.
The episode ranges widely across the week's most consequential stories. Topic threads include:
- Bessent's yen posture and the 'dollar milkshake' conspiracy theory circulating online
- A dead-quiet Strait of Hormuz on AIS trackers and Goldman Sachs' $120 per barrel oil target
- Rising 10-year and 30-year Treasury yields against a $40 trillion debt backdrop
- Meta's roughly $18 billion multi-state settlement over youth safety guardrails
- NVIDIA's reported $13 billion acquisition of Hugging Face, which JC called a week early
The hosts' skeptical, unfiltered tone is on full display when Horowitz recounts Bessent's remarks on the yen trade. 'His way of putting this is, I have an edge. And he even said, because I have the information, I have the inside information about what Japan is doing, therefore when I say something, it's not going to be speculative. It's going to be absolute,' Horowitz says. Dvorak responds by placing the moment in historical context, arguing that since 2008 the government has increasingly behaved like the Roman Senate before Caesar, and that the Trump era simply made the dynamic impossible to ignore.
Deeper in the show, the pair dig into why bond yields keep climbing even as the economy runs hot. Horowitz explains that his firm is buying only short-duration Treasuries, citing the crush of new issuance from Washington and from data center operators tapping capital markets globally. They connect the dots to Bloom Energy's addition to the S&P 500, sympathy rallies in Oklo and SMR, and strength in Intel, AMD and SK Hynix ahead of Broadcom earnings. Other threads include Shein's downsized Hong Kong IPO, Good Good Golf's Callaway ad backlash, Nike's exit from the S&P 500, Argentina beef imports, a 162,000 payrolls print, and Astra's partial Navier-Stokes proof.
About DH Unplugged
DH Unplugged is a weekly investing and markets podcast hosted by Andrew Horowitz and JC Dvorak that blends Fed watching, earnings analysis, commodities, tech trends and offbeat cultural commentary in a conversational, skeptical style. Episodes typically run about an hour and are available at dhunplugged.com, via RSS, Apple Podcasts, Spotify and Amazon Music/Podcasts. Episode 817 is available now wherever podcasts are heard.
