Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Thursday, November 3rd, and today you know we're talking about

yesterday's FOMC Day. Before we get into that, however, if you are enjoying the breakdown,

please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into

the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go

to bit.ly slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor

of the show, I also work with FTX. All right, folks, well, yesterday was Fed Decision Day,

so obviously we are going to hone in on

if and how it shifted the narrative, how markets reacted, and of course what people think about

what's going to happen next. But to get into this, let's actually back up and look a couple

days going into the meeting. One of the big questions around monetary

tightening has been whether or not removing liquidity from the system would create major

breakages that would force the Fed back to a more accommodative stance. On that front, growing

concerns about the lack of liquidity in the Treasury bond market has led to another round of

speculation that the U.S. Treasury could intervene with buybacks

if the situation continues to deteriorate. A Wall Street Journal article last week said that for

now, the Janet Yellen-led Treasury is simply researching what an intervention could look like.

Yet some bank analysts are already raising the alarm. Andrew Kreacher, a director at Wells Fargo,

says that liquidity in the treasury market

is the worst he's recently seen, adding, quote, there are so many systems in other asset classes

...