Will the Fed signal interest rate cuts with the July FOMC meeting? That's the question on everybody's mind. But interest rates are really a sideshow in this Fed drama. The real action is on the Fed balance sheet.

In this episode of the Money Metals' Midweek Memo, host Mike Maharrey explains what's going on with the balance sheet, why it matters, and what it tells us about the likely trajectory of price inflation and the economy. He also touches on a new milestone for the national debt.

Listen to this Money Metals' Weekly Market Wrap Episode: