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 Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, December 10th, and you better believe we're talking about

the CPI print that just happened. And what the highest inflation in 39 years might mean for the

economy, might mean for Federal Reserve policy, the economy as a whole,

the stock market, and of course, for Bitcoin. Now, if you're new here, welcome, and if you're not,

forgive the broken record. The thing the market has been paying attention to more than anything

else for the last few months

is, of course, inflation.

And specifically, what inflation will mean for Fed policy?

The beginning of the year started off with the language of the transitory, where Jerome

Powell and others insisted that while we were seeing growing inflation, it was just about

supply demand mismatches coming off of the

COVID-19 pandemic and would work itself out over the next few months.

By last month, though, that tune was changing.

The big headline was a 6.2% inflation print, which was the highest in about 31 years.

Now, this led to a few things. President Biden finally

actually re-nominated Powell and figured out what he was going to do with chief competitor,

Lail Brainer. And when he nominated both of those officers to the Fed, it was clear that it was a chance

to reframe and reclaim the narrative. There was a clear tone shift away from the language of transitory.

Instead, everyone involved affirmed that inflation was a real problem for people's lives,

...