Prof G Markets
Has a Global Market Rotation Begun? + Inside the Ultra-Luxury Hotel Industry
Mon, 24 Mar 2025
Scott and Ed open the show by discussing the federal reserve’s interest rate decision, the Professional Tennis Player Association's lawsuit, and BYD’s new charging technology. Then they analyze Germany’s decision to boost defense spending while lifting its debt limit, unpacking the market’s reaction and broader economic implications. Finally, they break down ultra-luxury hotel group Aman’s latest funding round, and Scott explains how high-end hospitality brands are evolving to cater to an even richer clientele. Subscribe to the Prof G Markets newsletter Order "The Algebra of Wealth," out now Follow the podcast across socials @profgpod: Instagram Threads X Reddit Follow Scott on Instagram Follow Ed on Instagram and X Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chapter 1: What is the significance of the Federal Reserve's interest rate decision?
So I'll work on getting ripped. I will try to be nicer. And I'll spend more time with my parents. I think that's a good list of to-dos. I'll check back a year from now.
You're at a point right now, so up until the age of like 22, you're basically a total draw. You're a total liability for your parents. As a young man, I mean, especially think about you. You're literally out of central casting for parents right now. And any time you spend with your parents right now, they're just going to get so much enjoyment out of.
And, you know, it's sad, but it's impossible to realize or really register. It's impossible. Have you ever lost anyone close to you? Just my granddad last year. Yeah, but that's natural. I would say that's sort of, you're sort of expecting that and the fact you've been at grandparents.
No, I really, I am very inexperienced with loss and death. I will say that.
Yeah. And you don't realize, especially with your parents, you don't realize how quickly it comes when they're really old. And I really, that was something I got right. I spent a lot of time with my mom. Okay, I like that. All right, fuck that. Talk about AI and GDP. Let's get on with this shit. Let's get on with tariffs.
I just want to remind our listeners that we have a weekly newsletter now for Profiteer Markets. It's the Profiteer Markets newsletter, which breaks down key market moves with data-driven analysis from me and from Scott and from the Profiteer team, including our fan favorite, Mia Silverio. our research lead at Prof G Media, and that goes out every Monday.
So I encourage you to go subscribe to that newsletter, go to profgmarkets.com, and you'll have the updates every Monday in your inbox. It's a great newsletter. And with that, let's start with our weekly review of Market Vitals. The S&P 500 climbed, the dollar increased, Bitcoin broke its losing streak, and the yield on 10-year treasuries dipped, shifting to the headlines.
The Federal Reserve held interest rates steady, but raised its inflation forecast for the year to 2.7%. They also lowered their 2025 GDP growth projection to 1.7%. That's a dip from December's estimates. However, the major indices rose as Fed officials penciled in two rate cuts for the year.
Novak Djokovic's Professional Tennis Players Association is suing the game's governing bodies, alleging that they operate as a cartel. The organization claims that the men's and women's tours, along with the International Tennis Federation, colluded to restrict competition and limit players' earnings.
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Chapter 2: Why is the Professional Tennis Players Association suing?
And I think the other thing to remember here, you know, this was unsurprising that he held rates steady. Most economists and most markets and analysts expected this. But if you look back a few months ago, That was not true.
You know, a few months ago, there were actually a lot of predictions that we would see a rate cut in March, because a lot of people believed that inflation was getting under control. We were moving towards that target of 2%, and we might be able to cut rates earlier than we expected. And...
Chapter 3: How is BYD revolutionizing EV charging technology?
I think the fact that this was so unsurprising to everyone is another indication of where we are from an inflation perspective. We're basically resigned to this notion that prices are going to go up again. And I think you have to feel for Jerome Powell, who has done an incredible job so far getting inflation under control, trying to get to 2%.
He's been doing this for years now, very diligently, and it's been working. And then, you know, Trump makes all these decisions that move everything in the opposite direction. He has to be incensed about this. Trump has thrown a wrench in this whole operation that he's been working so long to get under control. And it's kind of remarkable the way he handles these decisions.
press conferences, because you know he's pissed. There's no way he couldn't be pissed. People also about the tariffs. He said, quote, with the arrival of the tariff inflation, further progress may be delayed. He's so neutral and so calm about everything, but he just has to be angry on the inside. But he's done such a good job of just saying, you know, this is what we're going to do.
We're just going to react to whatever the executive branch decides, and we'll see what happens. So it's sort of a masterclass in I would say objectivity, but also stoicism and not showing your cards. And maybe we have something to learn from that.
I think the Fed chair has basically one job description, and that is remain calm and carry on. It just wouldn't help if he showed up sweating, freaked out, and like, fuck, I don't know. I'm totally awake. I can't sleep. I'm so freaked out. And look at this data. Jesus Christ, I don't know what to make of this.
Yeah, maybe I'm giving him too much credit.
If you want someone to kind of look nonplussed, like they're sleeping fairly well and not to be too alarmed, it needs to be the Fed chair. Like if the Fed chair shows up, You know, without his shoes and like he's been on a bender all night. It's just like, and popping pills.
That would be way better for us. That would be more fun to cover.
If every 15 seconds he said, I'm sorry, hold on a second. And he like struggled to get his pills out of his briefcase and then like started like throwing pills into his mouth and crunching on these things. That would be good. I'd love to see, I'd love for him just in the middle of these questions from centers. Just love to see him just like... bend over and just do a giant rail academy.
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Chapter 4: Are sports leagues exploiting monopoly power?
Chapter 5: Why are ultra-luxury hotels focusing on richer clientele?
Buying a house has long been considered the best way to build wealth and move into true adulting.
Isn't it? I mean, at least that's what society wants us to think. Gotta get a Birkin, gotta get a home, you know.
Okay, the handbag you can probably manage without. But what about a house? Surely that's actually good, right? We're going to find out this week on Explain It To Me. New episodes every Sunday morning, wherever you get your podcasts.
Hey, this is Peter Kafka. I'm the host of Channels, a podcast about technology and media and how they're both changing all the time. And this week, I'm trying to figure out how Donald Trump is changing the media in Washington and the courtroom and in the boardroom. On to help me figure it all out is Sarah Fisher, the excellent Washington-based media reporter for Axios.
That's this week on Channels, wherever you get your favorite podcasts.
Today's number, 63,000. That's how many pages are in the newly released JFK assassination files, but none of them contain any revelations. Ed, what do JFK and Bill Clinton have in common? What's that? Both their careers ended with a stained dress. Oh, dog.
That's wrong. Dark and gross. Any thoughts on the JFK file, Scott?
How did JFK break his arm?
Oh, a joke. Good. How did he break his arm?
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