Jerome Powell Says ‘More Work to Be Done’ as FOMC Hikes Rates 50 Basis Points

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 16 December 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle, Kraken and the Galaxy Brains Podcast. Today’s episode is a deep dive into the Federal Open Market Committee meeting. NLW covers not just the policy updates but the details of Chair Jerome Powell’s speech and the Q&A after. The big message coming from the Federal Reserve is “there’s more work to be done.” - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - 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. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - Galaxy Brains: Whether it’s breaking down market volatility or analyzing the latest development, come for the latest market insights from our in-house trading professionals and renowned experts from across the industry. Stay for the occasional rap from host Alex Thorn. Check out the latest episodes here: https://www.galaxy.com/research/podcasts/galaxy-brains/?utm_source=BD&utm_medium=podcast&utm_id=CoinDesk - “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 "Glasgow" by Falls. Image credit: Alex Wong/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.
0:15.2	The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDes.
0:22.8	What's going on, guys? It is Thursday, December 15th, and today we are talking about FOMC Day.
0:29.7	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:33.4	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:37.0	come join us on the breakers discord. You can find a link in the show notes or go to bit.
0:40.3	ly slash breakdown pod. I'm excited to also share that this week the podcast is brought to you
0:45.6	by Galaxy and the Galaxy Brains podcast. Transparency is more important than ever in crypto.
0:51.8	If you're here, it's obvious how important it is to you to find reliable
0:54.5	information. For more shows like this, for more shows like The Breakdown, check out the Galaxy
0:59.8	Brains podcast. To tell you a little more, here's the host Alex Thorne, Galaxy Head of Research.
1:05.9	Listen each week as we take you inside the biggest stories and projects in Bitcoin and Crypto. Whether it's breaking
1:12.6	down market volatility or analyzing the latest technical developments, Galaxy Brains has you covered.
1:18.3	Come for the latest market insights from our in-house trading professionals and renowned experts
1:22.9	from across the industry. Stay for the occasional rap from yours truly. Check it out at galaxy.com
1:28.8	slash research. All right, friendos, well, today is day two of our macro theme, kind of a
1:35.8	companion show to yesterday's inflation discussion. Now, to sum up that show, yesterday the whole
1:42.5	point was that we got better than expected
1:44.7	inflation numbers in both October and now for November. In October, inflation came down from
1:50.1	8.2% the month before to 7.7% headline inflation in October. And in November, we got 7.1% headline
1:57.6	inflation for the month, which was below the 7.3% expected by economists. On top of that,
	...

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