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Federal Reserve
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Labor Market
Interest Rates
Inflation
Artificial Intelligence
U.S. Economy
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Federal Tax Policy
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One Big Beautiful Bill Act
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A podcast from FHN Financial looking at the most important things driving fixed income markets and the macroeconomy. Every episode features experts who give unique insights on topics like the regional banking landscape, commercial real estate, or how to translate Federal Reserve policy into market strategies. Tune in to better understand what’s been moving markets lately, and what to keep an eye o... more

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Latest Episodes

The Strait of Hormuz’s closure has driven up prices for fertilizer and diesel, two inputs essential for agricultural production. Considering how farmers pre-buy fertilizer and crops take months to grow, the higher costs may not be fully passed on to ... more

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The term premium — investors’ compensation for holding longer-term Treasuries instead of T-bills — fluctuates with inflation uncertainty, federal deficit worries, and central banks’ balance sheets. The New York Fed’s Adrian, Crump, and Mönch model es... more

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Changes in foreign migration caused US population growth to slow last year and potentially turn negative in 2026. Federal programs and private debt markets structured around an assumption of growth must now contend with the possibility of a shrinking... more

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The Fed’s balance sheet has swelled from $900 billion in 2008 to just under $7 trillion in April 2026. Policymakers bought up securities to support the economy during the global financial crisis and pandemic, but critics allege the enormous balance s... more

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Recent Guests

Emanuel Mönch
Professor of Financial and Monetary Economics at the Frankfurt School of Finance and Management
Frankfurt School of Finance and Management
Episode: Emanuel Mönch on the Post-Pandemic Term Premium
Stan Veuger
Senior Fellow in Economic Policy Studies at the American Enterprise Institute
American Enterprise Institute
Episode: Stan Veuger on the Economic Risks of Population Decline
Jeff Lacker
Former president of the Federal Reserve Bank of Richmond (2004-2017)
Federal Reserve Bank of Richmond
Episode: Jeff Lacker on Shrinking the Fed’s Balance Sheet
Rachel Ziemba
Geopolitical analyst and founder of Ziemba Insights
Ziemba Insights
Episode: SPECIAL PODCAST: Rachel Ziemba on the Strait of Hormuz
Fabio Natalucci
Managing Director at the Andersen Institute for Finance and Economics
Andersen Institute for Finance and Economics
Episode: Fabio Natalucci on the Rise and Risks of Private Credit
Chad Syverson
Professor of Economics at the University of Chicago
University of Chicago
Episode: Chad Syverson on the Causes and Effects of a Productivity Boom
Joe Kane
Fellow at the Brookings Institution focusing on infrastructure issues
Brookings Institution
Episode: Joe Kane on the Infrastructure Demands of AI Data Centers
Bill Nelson
Chief Economist and Chief Research Officer at the Bank Policy Institute
Bank Policy Institute
Episode: Bill Nelson on the Withering Fed Funds Market
George Pearks
Macro strategist at Bespoke Investment Group
Bespoke Investment Group
Episode: George Pearkes on Kevin Warsh as Fed Chair

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Will Comprinall
Host of Simply Put
Will Comperdle
Host of Simply Put

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Talking Points

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Emanuel Mönch on the Post-Pandemic Term Premium
Q: What has driven the term premium down from the 500 bp range in the mid-80s to near zero around 2006, and what factors keep it low in recent years?
Inflation uncertainty declined after the Volcker disinflation period, monetary policy became more predictable, and substantial global demand and budgetary dynamics—along with large balance sheets from central banks—helped compress the term premium, sometimes pushing it into negative territory.
Emanuel Mönch on the Post-Pandemic Term Premium
Q: How is the term premium estimated, and what are the practical ways we estimate it when the 10-year yield sits around 4.40%?
We estimate it using statistical and econometric models that decompose yields into factors, assume certain paths for short rates and risk prices, and then back out the term premium as the gap between observed yields and the model's implied path of future short rates.
Emanuel Mönch on the Post-Pandemic Term Premium
Q: To start things off, what exactly is the term premium when we're talking about the treasury market or the bond market? Is it any different from the risk premium?
The term premium is a specific type of risk premium—the compensation investors require for bearing duration risk on longer-term government bonds, distinct from short-term rate expectations and other risks; it reflects how much extra return is expected for holding longer maturities.
Jeff Lacker on Shrinking the Fed’s Balance Sheet
Q: What lessons from 2008-2009 QE should the Fed consider today when thinking about shrinking the balance sheet?
A careful, rule-based approach with staff input is needed, avoiding overreliance on market interventions that could undermine resilience; focus on fiscal-monetary boundaries and ensuring monetary policy remains credible through market signals rather than persistent asset purchases.
Jeff Lacker on Shrinking the Fed’s Balance Sheet
Q: What are the main reasons QE may not have significantly boosted investment or inflation?
A combination of substantial liquidity buffers in banks, limited arbitrage between short- and long-term treasuries, and the possibility that asset purchases mainly shifted portfolios rather than lowering real rates meaningfully.

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Frequently Asked Questions About Simply Put

What is Simply Put about and what kind of topics does it cover?

This show consistently centers on macroeconomics, fixed income markets, and policy-driven market dynamics, with a steady stream of experts weighing in on how monetary policy, fiscal policy, and regulatory shifts ripple through rates, inflation, housing, and financial markets. Episodes frequently explore topics like the Federal Reserve's policy trajectory, the interplay between tariffs and growth, labor market impacts of AI, and the infrastructure and policy implications for sectors such as data centers, manufacturing, and healthcare. A notable strength is the emphasis on practical market translates—what policymakers might mean for yields, lending, and investment strategies—often anchored by senior economists, policy researchers, and industr... more

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1. Masters in Business
2. Moody's Talks - Inside Economics
3. All-In with Chamath, Jason, Sacks & Friedberg
4. Forward Guidance
5. Eye On The Market

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Simply Put launched 3 years ago and published 81 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Simply Put?

Recent guests on Simply Put include:

1. Emanuel Mönch
2. Stan Veuger
3. Jeff Lacker
4. Rachel Ziemba
5. Fabio Natalucci
6. Chad Syverson
7. Joe Kane
8. Bill Nelson

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