After Fed Meeting Minutes, Is the ‘Peak Hawkishness’ Narrative Still On?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 August 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s grab bag episode, NLW looks at: Last month’s Fed meeting minutes Professional musical chairs in crypto A new proposed SEC/CFTC disclosure that some think shows mission creep Two new nine-figure crypto venture funds - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Win McNamee/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Thursday, August 18th, and today we are talking about, well,
0:27.8	everything from peacockishness narrative at the Fed to new proposed rules for crypto disclosures
0:33.7	and the SEC to a number of other things. But before we get into that, one little note,
0:39.8	there are two ways to listen to the breakdown podcast. You can listen on the Coin Desk Podcast Network
0:44.6	feed, which comes out every afternoon and features other great shows alongside the breakdown,
0:49.0	or you can listen on the breakdown only feed, which comes out a few hours later in the evening.
0:53.4	Wherever you're listening,
0:54.5	if you would take the time to leave a rating or review, it makes such a big difference, and I appreciate
0:59.2	each and every one of you. Lastly, a disclosure as always, in addition to them being a sponsor of the show,
1:04.5	I also work with FTX. So today we are hop skipping and jumping across the crypto space,
1:13.4	but we're actually going to start with the Fed.
1:17.4	Yesterday, the Federal Reserve published the minutes of its July meeting.
1:24.9	These minutes historically aren't nearly as impactful on markets as are its actual FOMC decisions, right?
1:28.8	It's decisions about how it's going to change interest rates or its decisions about whether it's going to buy or sell assets. Because really the purpose of these meeting minutes
1:34.4	is really just to give a sense of what the conversation that led to the decisions was about.
1:40.2	This here, however, markets have been paying extra close attention. And the reason for that is
1:45.6	in January, markets were surprised to discover that in December, the Fed was not just talking about
1:52.3	finally raising interest rates, as everyone assumed. But in fact, that they were talking about
1:57.7	moving to a regime of quantitative tightening within the year. In the wake
	...

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