Let's talk about the new pressure on competitors because my God, Morgan Stanley is about as big

a brand as it comes and it just jumped into the pool. When it comes to an influence your peers

perspective, this is not a toe dip. This is a running headfirst dive. I would love to be a fly on

the wall of J.P. Morgan or Goldman or all these other competitors today,

where bosses are picking up phones and demanding to hear the latest on their Bitcoin strategy and when it's going to be ready.

Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, Casper, and NEM, and produced and distributed by CoinDes.

What's going on, guys? It is Wednesday, March 17th, happy St. Paddies.

And today we have some breaking news. Morgan Stanley is going to be the first

big bank to offer Bitcoin for its wealthy clients. Can't wait to talk about that, but first let's do a very

brief brief. First up on the brief, it is the Fed's Federal Open Market Committee meeting today.

Right now, the market is getting nervous because they see the economy heating up, and they just

don't believe that the Fed is going to be able to keep interest rates at zero for as long as the

Fed says they're going to. How that's showing up in the numbers is the 10-year Treasury is at

its highest point in a year. The 30-year

treasury is its highest since 2019. Growth stocks are down, and inflation expectations are the highest

in 12 years. So then what does the market want to hear out of this Fed meeting? To me, it seems

like they basically want more details. Powell has said over and over that they're

staying the course, and he has pointed particularly to their employment goals and just how far they

have to go before they reach them. But again, like I said, markets seem not to really believe that,

and I think they want Chairman Powell to outline exactly the circumstances that would make the Fed

change its tune and change its policies.

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