Fed’s Powell Brings the Dog and Pony Show to DC for the Semiannual Monetary Policy Review

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 9 March 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today's episode, NLW looks at the macro as Federal Reserve Chair Jerome Powell discusses monetary policy this week before Senate and House of Representatives banking committees. The markets are betting on a 50 basis point rate hike at the next Federal Open Market Committee meeting based on his Tuesday comments. 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 and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso 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: Anna Moneymaker/ 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.
0:09.2	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 CoinDes.
0:20.3	What's going on, guys? It is Wednesday, March 8th, and today we are heading to the
0:24.5	macro side of the house to get caught up with Jerome Powell. A quick note before we dive in,
0:30.0	there are two ways to listen to the breakdown. You can hear us on the Coin Desk podcast network
0:33.6	feed, which comes out every afternoon and features other great CoinDesk shows, or you can listen on the breakdown only feed, which comes out a little bit later in the evening.
0:40.7	Wherever you listen, I would so appreciate it if you would take the time to leave a rating
0:44.6	or review.
0:45.5	It makes a huge difference in people discovering the show.
0:48.9	All right, guys, so as I mentioned right up front, today we are using the occasion of Fed
0:53.8	Chair Jerome Powell's
0:54.9	semi-annual report to the Senate about the state of monetary policy to check in with where
1:00.0	things are in the macro realm. It's been an interesting few months where there has been so much
1:05.9	crypto-specific chaos that it's been easy to lose sight of the fact that we are all ultimately
1:10.8	in a risk
1:11.7	sector that is caught up in the larger macro machinations. Now, the last time Powell testified
1:17.0	before Congress was in June of last year. Annualized inflation was at its peak above 9% of 40-year
1:22.7	high, and the Fed was just three meetings into what would become the fastest tightening cycle on
1:27.0	record.
1:32.0	The Fed discount rate was at 1.75 percent, and the previous week at the June FOMC meeting,
1:37.0	Powell had delivered the first in a string of four gigantic 75 basis point raises.
	...

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