Does the Bank of Japan’s Intervention Spell Trouble for the US Treasury Market?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 October 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Circle and FTX US. “The Breakdown” kicks off the week with a look at one of the big global macro stories shaping markets right now, which is the first Bank of Japan interventions into the country’s currency markets in two decades. Some are speculating the BoJ’s actions could have implications for the U.S. as well because Japan has to liquidate its U.S. Treasury holdings to prop up the price of the yen. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - 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. - “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 “War” by Enoch Yang and “The Life We Had” by Moments. Image credit: Javier Ghersi/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

Click on a timestamp to play from that location

0:00.0	this tightrope act that the Fed is walking where it wants to give itself more options,
0:04.5	going into the fall in the winter, but not so much that the desperate hungry markets
0:08.9	over-interpret the signal and force their hand back the other direction. And while it's
0:13.2	tempting at this point to groan and massage one's temples at the stupidity of a system
0:18.8	that reads tea leaves in Wall Street Journal articles,
0:21.9	like their prognostications from the oracles of old.
0:24.8	It is the system we have right now.
0:28.3	Welcome back to The Breakdown with me, NLW.
0:32.5	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:38.3	The breakdown is sponsored by nexo.io, Circle, and FtX, and produced and distributed by CoinDesk.
0:46.1	What's going on, guys? It is Monday, October 24th, and today we are doing a Monday macro day.
0:52.6	Before we get into that, however, if you are enjoying the breakdown,
0:55.3	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into
0:59.4	the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go
1:03.9	to bit.ly slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor
1:09.3	of the show, I also work with FTX. All right, guys, happy Monday. And before we get into today's show, I want to give you just a
1:16.5	little bit of a heads up about what to expect over the coming weeks. This week in particular is going
1:21.1	to be a little bit hectic, although hopefully it won't seem like that to you. On Thursday,
1:25.8	the fam is traveling internationally, where we'll be for two weeks.
1:29.2	And so over the next couple of the weeks, you'll have some regular shows, but they'll be
1:33.0	interspersed with interviews as well. I always love having a chance to catch up with smart people
1:37.5	that I haven't been able to talk to for a while, and we've got shows coming on privacy,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.