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, near an FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Thursday, June 23rd, and today we are talking about Fed Chair Jerome Powell,

finally talking about the possibility of a recession. Before we get into that, however, a quick

bit of housekeeping. You can listen to the breakdown in two different ways.

You can find the show on the Coin Desk Podcast Network, which comes out every day in the afternoon

and features other great shows in addition to the breakdown.

Or you can listen on the breakdown-only feed, which comes out a few hours later in the evening.

Wherever you listen, if you would be so

kind as to leave a five-star rating or even a review, I would so appreciate it. It makes a really

big difference, especially when it comes to new people finding the show. Lastly, a disclosure as

always. In addition to them being a sponsor of the show, I also work with FTX. So for most of this week, we have been

fairly focused on the crypto side of the house. We looked at what happened this weekend, a crash

down and then a rip back up, and whether the relief rally that followed has legs under it or

if it was going to run out of steam. By the way,

verdicts still out a little bit, but it seems to have run out of some amount of steam at least.

And then we've also discussed whether that 17,000 number that we saw over the weekend was a

bottom, or whether there are more factors, more pain to come. Yesterday, specifically, we looked

at what the impact of minor selling

might be, but lurking around the corner in all of this, like the mine flare in stranger things,

is the macro context. The context indeed in which all risk assets are falling is the context set

...