Powell: “How Little We Understand About Inflation”

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 2 July 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today’s episode, NLW looks at: Fed Chair Jerome Powell’s comments on inflation at the ECB conference. The latest recession indicators. Manufacturing declines. Turmoil in the housing market. And more! - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - 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. - “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. The music you heard today behind our sponsors is “TheNow ” by Aaron Sprinkle. Image credit: Horacio Villalobos#Corbis/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.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Friday, July 1st, and today we are talking about Fed Chair Jerome Powell's
0:30.0	assertion about how little we understand inflation. First up, however, a quick note about the show.
0:39.0	There are two ways to listen to the breakdown podcast. You can find it on the Coin Desk Podcast Network feed, which comes out every
0:43.6	afternoon, and also features other shows besides the breakdown, or you can listen on the
0:47.8	breakdown only feed every evening a few hours later. Wherever you are listening, I would so
0:52.4	appreciate if you would go leave a rating and a
0:54.7	review, it makes a big difference. Lastly, a disclosure as always. In addition to them being a sponsor
1:01.1	of the show, I also work with FTX. So, welcome to July, everyone. It is a new month,
1:08.2	historically one that is a bit calmer for markets where we can step away, touch
1:12.9	grass, go to the ocean, eat a lobster roll, but not right now. Oh no, the summer sun isn't the
1:19.2	only thing hot right now. We have defaults, failures, crashes, crypto contagion, and of course
1:26.3	all of it is set to the beautiful backdrop of the
1:29.7	macro.
1:30.6	Today we're going to catch up on everything that has happened on the macro side of the house
1:34.2	over the last week, and I think that the only appropriate way is to start with a beautiful
1:38.8	infographic published by the one and only Kobe.
1:42.0	The infographic is a set of quotes, assertion, statements
1:46.1	from Fed Chair Jerome Powell, organized by their quarter. In Q121, he says,
1:52.2	QE won't cause inflation. In Q221, he says, some inflation, but transitory. Q321, okay,
	...

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