Biden Meets with Powell as Inflation Battle Heats Up

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 1 June 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. “Sell in May and go away,” says the old market aphorism. Today on “The Breakdown,” NLW previews a set of discussions he believes will shape markets this summer: The inflation battle – the Federal Reserve’s Jerome Powell meets with President Biden The energy battle – the European Union bans the majority of Russian oil The crypto regulation battle – the U.S. is expecting major legislation from senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) in June - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - 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. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Kevin Dietsch/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.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Tuesday, May 21st, and today we are doing a summer preview of the
0:29.2	big macro issues that are likely to dominate the discourse for the coming months.
0:33.7	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:37.4	to it, give it a rating, give it a review, or if you, if you are enjoying the breakdown, please go subscribe to it,
0:37.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:42.2	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly
0:47.1	slash breakdown pod. Also, a disclosure as always. In addition to them being a sponsor of the show,
0:53.2	I also work with FTX. All right, welcome
0:56.3	back, everyone. I hope if you are a citizen of the USA, you had a great Memorial Day, and for everyone
1:01.2	else, you had a wonderful weekend and beginning of your week. Now, this is traditionally the first
1:06.9	official day of summer after Memorial Day. Also, traditionally, summer is kind of a slow season
1:12.5	for markets. There is a well-known saying, sell in May and go away, and it actually goes all the way
1:19.2	back to an old English saying, sell in May and go away and come back on St. Ledger's Day.
1:25.1	So this dates back to merchants, bankers, aristocrats in markets in London,
1:29.3	decamping to the country or the shore for the summer. St. Ledger's Stakes was a major mid-September
1:35.0	horse race that made up the last leg of the British Triple Crown. Now, this idea of the
1:40.4	Titans of Industry heading off during the summer for some R&R followed markets over into New York
1:46.0	as well. The sell in May and go away phrase was popularized by the stock trader's almanac,
1:50.8	and the more important thing is that it seems to have some basis in reality. There has been
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