Dollar Risk Is Rising: What Michael Pento Thinks Breaks First

Recorded on December 12, 2025.

Michael Pento is President and Founder of Pento Portfolio Strategies, a registered investment advisory firm focused on macro-driven portfolio management. In this interview with host Andy Millette, Michael lays out how he is thinking about the next phase of the cycle, why he expects policy makers to keep leaning on rate cuts and financial repression, and where he sees the biggest risks if inflation stays sticky.

Key topics include the Fed response function, yield curve signals, the risk of intractable stagflation, how fiscal dynamics can push the long end of the bond market higher, and why precious metals and energy can matter in a long-short framework. #Millettian

The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks.

Guest Links
Website: https://pentoport.com/

Mid-Week Reality Check: https://pentoport.com/mid-week-realit...

Michael Pento’s Book: https://pentoport.com/michael-pentos-...

X: https://x.com/michaelpento

LinkedIn:   / michael-pento-a1882917b  

Host Links
Andy Millette | Natural Resource Stocks
Website: https://www.NaturalResourceStocks.net

YouTube Main:    / @naturalresourcestocks  

YouTube Clips:    / @naturalresourestocksclips  

X: https://x.com/theandymillette

LinkedIn:   / andymillette  

Chapters
00:00 Intro and market positioning update
00:48 Looking back at 2025 and policy whiplash
03:24 Net long exposure, hedges, and why volatility matters
04:43 Fiscal risk and why rates can reprice higher
07:10 Recession risk, bond market stress, and yield curve signals
08:36 Dollar risk and what breaks first
11:09 Solvency and the stock bubble discussion
15:06 Why the Fed cuts rates and the stagflation setup
16:46 Dollar destruction risk and trade implications
20:33 Portfolio stance and what could happen next

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