Inflation Plateaus, but Now Markets Fear Recession

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 13 May 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, NEAR and FTX US. For the first time in eight months, the year-over-year rate of inflation did not increase in April. In March, headline inflation hit 8.5% while last month that number came down slightly to 8.3%. Still, inflation was above economists' expectations, and it seems no one is ready to say for sure we’re headed back down to a more reasonable level. In this episode, NLW explores the market’s reaction and why, increasingly, the fear isn’t more inflation but a recession caused by the Federal Reserve’s response. - Nexo is a secure crypto exchange and crypto lending platform. Buy 40+ hot coins with your bank card in seconds and swap between exclusive pairs for cashback. Earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head over to nexo.io and get started now. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - 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. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - 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 by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Cemile Bingol/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.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, near an FTX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Thursday, May 12th, and today we are finally, about 24 hours after I expected to, discussing where we are with inflation.
0:34.3	Before that, however, a little bit of housekeeping. There are two ways to listen to the breakdown.
0:40.9	You can find the breakdown on the CoinDesk Crypto Podcast Network feed.
0:45.3	That feed has both the breakdown as well as other great shows from CoinDesk.
0:49.5	However, if you just want the breakdown, you can get that on the breakdown-only feed.
0:54.0	The Coin-desk feed comes out in the afternoon, and the breakdown-only feed comes out in the
0:57.6	evening.
0:58.8	Wherever you are listening to the show, if you're enjoying it, please go subscribe to it,
1:03.4	give it a rating, give it a review.
1:05.7	Finally, a disclosure, as always, in addition to them being a sponsor of the show, I also
1:09.8	work with FTX. So, yesterday we got
1:14.2	the inflation numbers from April. And if you've been following along with the breakdown, you know that
1:19.4	that almost always warrants its own show. The only reason we didn't do that show yesterday is that
1:25.2	Luna was in this crazy death spiral moment. It had crashed from
1:30.0	$16 the night before down to under a dollar for a time, and at the time I was recording yesterday
1:35.9	was around $2 or $3. UST had lost its peg entirely, and the market was just coming to grips with what
1:42.6	this might mean. By way of a quick
1:45.2	update on that, things have gone even farther, and Luna has effectively programmatically
1:51.1	hyperinflated to nothing. It is trading currently around a cent. It has been delisted from numerous
	...

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