Is the AI boom running out of runway, or is the market finally doing the math? Will Brown and Adam Eagleston unpack a sharp technology selloff and the buzz surrounding a potential Anthropic IPO. From soaring valuations and creative accounting to circular financing arrangements, they question whether the hyperscalers’ enormous AI and data-center spending can translate into sustainable profits, especially as debt costs and lease obligations mount.

With the 2026 midterms approaching, Kalee Kreider joins Will Brown and Adam Eagleston for a candid look at the political landscape—and why the current environment reminds her of the 1994 wave election. Kalee argues that voters keep swinging against whichever party holds power, as administrations mistake narrow wins for broad mandates. Her prediction? A Democratic takeover of both chambers of Congress, with the size of the shift still very much up for debate.

On the surface, markets still look remarkably durable. Underneath, Will Brown and Adam Eagleston see a much more complicated picture. In Episode 107 of Tea & Crumpets, they start with the forces keeping interest rates elevated, including persistent inflation, heavy government borrowing, rising oil and diesel costs, and a global bond market that is showing increasing signs of strain.

For the first time, Will Brown and Adam Eagleston are actually sharing the same room, complete with real tea, real crumpets, and plenty to unpack. Against a backdrop of continued geopolitical uncertainty, they start with the energy markets, where disruptions to shipping, refining capacity, and global oil inventories are creating increasingly unusual dynamics between crude oil, diesel, and other refined products.

In this episode of Tea & Crumpets, Will Brown and Adam Eagleston break down a market that continues to send conflicting signals. They examine rising oil and commodity prices, renewed inflation concerns, climbing bond yields, government debt, and growing intervention in markets that are becoming increasingly difficult to price.

After a summer hiatus, Will Brown and Adam Eagleston return to examine a market that appears to be reaching an important inflection point. They discuss the Federal Reserve's increasingly difficult balancing act as inflation remains stubbornly above target, government debt and interest payments continue to climb, and geopolitical tensions threaten to keep energy prices elevated. The conversation explores why these macroeconomic forces could shape the next phase of the market and what investors should be watching in the months ahead.

Summer is officially underway, and Will Brown and Adam Eagleston waste no time diving into the headlines shaping markets, energy, and investor sentiment. Against the backdrop of global soccer fever, the duo examines the recently announced Iran-related memorandum of understanding and what it could mean for oil prices, inflation, and the Federal Reserve. While markets initially cheered the agreement,

In this episode of Tea and Crumpets, Will Brown and Adam Eagleston dive into a market that appears remarkably calm on the surface while a growing list of geopolitical and economic risks continues to build beneath it. From escalating tensions in the Middle East and concerns over global energy supply to record stock market levels and speculative enthusiasm surrounding AI and upcoming IPOs, our host explore the growing disconnect between market optimism and economic reality.

In Part 2 of this special 100th episode celebration of Tea and Crumpets, Will Brown and Adam Eagleston continue their wide-ranging conversation with returning guest Kalee Kreider, diving deeper into the political, economic, and cultural consequences of the current geopolitical and financial environment. Building on the themes from Episode 100, the discussion shifts toward the upcoming U.S. election cycle, the evolving identity crisis within both political parties, and the broader implications of polarization, redistricting, and shifting voter coalitions.

In the 100th episode of Tea and Crumpets, Will Brown and Adam Eagleston celebrate the podcast’s century mark by welcoming returning guest Kalee Kreider for a timely and expansive discussion on geopolitics, inflation, energy markets, and the growing disconnect between financial markets and economic realities on the ground. As Part 1 of this special two-part release, the conversation opens with reflections on reaching 100 episodes before quickly shifting into a deeper examination of the global and domestic pressures shaping the current economic environment.