BREAKDOWN: Slightly Hot Inflation Print Probably Won’t Change the Fed’s Perspective
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 February 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
Year-over-year CPI came in at 6.4% compared to an expected 6.2%.
On today’s episode, NLW updates on the Paxos situation. Paxos made a statement that it is willing to fight the Securities and Exchange Commission in court over whether BUSD is a security. The main part of the episode is focused on January’s inflation data, which came in slightly higher than expected. NLW argues it’s not enough for the Federal Reserve to consider shifting course.
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“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 sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Ibrahim Akcengiz/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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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. |
| 0:15.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:20.4 | What's going on, guys? |
| 0:21.5 | It is Tuesday, February 14th, and it is CPI Day. |
| 0:25.9 | Before we get into that, if you are enjoying the breakdown, please go subscribe to it, |
| 0:29.4 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:32.9 | come join us on the Breakers Discord. |
| 0:34.8 | You can find a link in the show notes or go to bit.ly slash breakdown pod. |
| 0:39.0 | All right, guys. Well, first of all, happy Valentine's Day. Hope you are spending it with someone |
| 0:43.8 | you love, even if that's just yourself. Today is the much watched, always important reminder of |
| 0:49.5 | just how weird our financial markets are. I'm referring, of course, to today's inflation announcement. |
| 0:55.4 | This morning, we got January's inflation numbers, which matter, of course, because it's maybe the |
| 0:59.4 | key piece of data each month for the Federal Reserve. And rightly or wrongly, the Federal Reserve |
| 1:04.3 | is the key institution in our economy. Before we get into the CPI discussion, however, there are a |
| 1:09.3 | bunch of follow-ups from yesterday |
| 1:11.1 | that I think are important to check in on. |
| 1:13.6 | Now, of course, yesterday's big news was all surrounding Paxos. |
| 1:17.4 | The Wall Street Journal had reported over the weekend that the SEC was planning on suing Paxos |
| 1:22.1 | for offering an unregistered security. |
| 1:24.4 | On top of that, Paxos announced first thing in the morning that due to a complaint |
| 1:27.9 | from the New York Department of Financial Services, they would no longer be issuing BUSD, the stable |
... |
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