Everyone expected 25. I think if they go 50, that will be nuclear catastrophe for financial markets, one or two trading days after the effect.

You'll see a massive rally and everything because everyone believes that the more they cut rates, the better.

But I actually think it points to a deeper rot in the global financial system.

And that will come through in much more depressed prices

after the fact. It's Wednesday, September 18th, and this is Markets Daily hosted by me, Jen

Sanassi. On this show, we navigate the currents shaping the crypto markets, providing insights

against the broader financial landscape. So whether you're actively trading or just fascinated

by the volatility

that is the crypto markets, this show is your compass to understanding what's happened,

where we are, and where we're going. Good morning, everyone. Today is a very special show. I'm joined

by my co-host today, managing editor of technology and protocols, Brad Cowan. And we have the pleasure of talking to Bitmex

co-founder and the Maelstrom, CIO, Arthur Hayes. Now, Arthur, let's get right into it. The Federal Reserve

meeting is happening today in the United States. What do you think we're going to see and how's it

going to impact markets? So the question is whether they're going to do 25 basis points or 50 basis points.

I, at a high level, think that they should not be raising rates. I believe that the U.S.

economy is quite strong. If you've seen the GDP prints over the last eight or nine

quarters, it's been consistent growth. The U.S. government continues to spend an insane amount of money, which is keeping economic

growth at a very fast pace.

And obviously that helps the reelection chances or election chances of Kamala Harris and her

running mate, which I think is the goal of the current Democratic administration.

So the Fed cutting rates, when you have massive government

spending, you have inflation that's above their target. I think it's a mistake. I think that

...