Bloomberg’s Open Interest on June 22, 2026 was a market-heavy morning show that centered on SpaceX’s debut bond sale, a cooling oil/geopolitics backdrop, U.K. political turnover, Greenspan’s legacy, and the market implications of a more hawkish, less chatty Fed under Kevin Warsh. The show also covered AI infrastructure bottlenecks, private credit, AbbVie’s Apogee deal, Alamos Gold’s mine disruption, rare earth export controls, and an AI-driven retail startup.
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This episode’s core market thesis was that a lot of the day’s cross-asset action was being driven by a handful of big structural stories: SpaceX entering the bond market to finance AI/space ambitions, markets re-pricing Fed policy under Kevin Warsh, and investors trying to decide whether geopolitical risk from Iran still mattered as much as it did over the weekend. The anchors repeatedly framed the day as one where equity indices were being lifted by semis and AI-adjacent names even as oil fell, yields edged higher, and SpaceX shares sold off sharply on the first-ever investment-grade bond deal. The SpaceX segment was the most prominent single-name story. Ed Ludlow explained that SpaceX had “more than $100 billion of cash” and that the bond sale was primarily treasury management: refinancing and paying down existing debt, not a sign of distress. …
Near term, the trade looks like semis/AI strength versus a higher-rate, slightly risk-off front end, with SpaceX acting as a sentiment overhang after its bond launch. Watch CPI/PCE and Fed speakers closely; they can either extend or reverse the current hawkish repricing.
Over the next few weeks and months, the base case is continued market leadership from AI infrastructure and memory, while financing supply and a less explicit Fed keep volatility elevated. If inflation stays sticky and growth remains firm, expect more rotation, not a clean broadening.
Structurally, the episode points to a regime where AI buildout, fiscal strain, and a more discretionary central bank all matter at once. That likely means higher dispersion across assets, more importance of balance-sheet quality, and a lasting premium on liquidity and cash-flow resilience.
SpaceX is many light years from positive free cash flow and will need to spend incredibly impressively, so the bond sale is a mechanism to keep the balance sheet in order.
Ed Ludlow argues that despite SpaceX's large cash holdings, the company is far from generating positive free cash flow and faces massive spending needs, making this bond issuance a balance-sheet management tool.
The current Fed under the new chair is signaling a more hawkish stance, which will tighten financial conditions into year-end.
The macro strategist argues that the Fed chair's short statement was one of the more hawkish seen, and that financial conditions are already tightening in advance of the Fed.
Inflation volatility will remain elevated over the next six to 12 months, especially with Kevin Warsch at the Fed.
Sitara argues that Warsch's Fed leadership reinforces objectivity and independence of the FOMC, but inflation volatility is likely to persist.
What does it mean for SpaceX to go into the bond market?
SpaceX is sitting on more than $50 billion of cash as of June 19. They will use this bond sale to pay down and refinance existing debt. There is a big longer-term view that SpaceX is many light years from positive free cash flow, and they will have to spend incredibly impressively, so this is one mechanism to keep the balance sheet in order.
What is the story with the Microsoft-Chevron deal?
It is a 2.6 gigawatt deal ramped up over time starting in 2028 for natural gas. Microsoft will use natural gas as the energy source turbines for power generation, all localized. 2.6 gigawatts is massive — that is the power consumption of the city of San Francisco. Microsoft has walked back prior commitments to sourcing renewable energy. Chevron is feeling the benefit of the story.
What have we learned so far from the Iran-U.S. talks?
Vice President Vance established four main accomplishments: outlining a framework to keep talks going, a deconfliction mechanism extending the ceasefire to Lebanon, Iran inviting inspectors back as soon as this week, and a communication mechanism regarding the Strait of Hormuz. Additionally, JD Vance disputed Iran's claim that assets have already started to be unfrozen.
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