The Bond Market Is the Boss Now: Bits + Bips

Unchained

Laura Shin

News, Business News, Tech News

4.6 • 1.3K Ratings

🗓️ 23 May 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Kevin Warsh wants a smaller Fed balance sheet and fewer dot plots. Noelle Acheson says the bond market won't let him have either. Here's what she expects instead. --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠Unchained⁠⁠⁠⁠⁠⁠ and wherever you get your podcasts. ---- Bond yields are climbing globally while stock markets push higher on AI optimism — and Noelle Acheson, author of the Crypto Is Macro Now newsletter, argues the divergence is not a contradiction but a warning. In her read, inflation was building before the Hormuz crisis, the BLISS trade has permanently replaced the TACO trade as the structural put under markets, and Kevin Warsh is walking into a Fed that the bond market controls more than he does. She also flags a contrarian indicator nobody is talking about: the gap between the cap-weighted S&P 500 and the equal-weight index is widening at a pace last seen in 1999. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steve Ehrlich, Head of Research at SharpLink and Host of Bits + Bips: The Interview - https://x.com/Steven_Ehrlich Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Noelle Acheson | Author, Crypto Is Macro Now newsletter Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	everyone welcome to another episode of bits and bips the interview the show where we explore
0:04.3	crypto and macro colliding one basis point at a time once again my name is steve erlik
0:09.8	i'm the head of research at sharp link and i'm also your host and we've got a terrific show for you
0:14.6	today lots going on in the macro world uh stocks and bonds are going in entirely different directions
0:20.6	crypto is getting caught in the wake.
0:22.6	We're going to have a new Fed share tomorrow and much, much more.
0:25.6	But as always, before we begin, just a little bit of housekeeping.
0:28.6	One, nothing that you'll hear on this show should be considered investment or financial advice.
0:33.6	For full disclosures, please see Unchained Crypto.com backslash bits and bibs. And then second, let's take a brief pause so we can hear from some of the sponsors who make the show possible. If you've been loving bits and bibs, don't forget that the show is transitioning to its own feeds on X, YouTube, and your favorite podcast player. If you're not already subscribed to bits and bips on its own channels, go there now
0:54.8	and hit that subscribe button so you can keep up with our twice weekly live streams and
0:58.7	macro means crypto breakdowns.
1:00.3	Bits and Bits will only be on the Unchained feed for a few more weeks.
1:03.2	So subscribe today to be ready for launch.
1:05.3	You can get all the links at Unchained Crypto.com slash bits and bits.
1:12.5	All right, welcome back.
1:13.8	So let me bring in my guest.
1:15.9	She's someone that will be very familiar to a lot of longtime listeners.
1:19.1	Noel Atchison, formerly Genesis.
1:21.9	I think we've had of research at CoinDesk.
1:24.6	And currently is the author of a very widely read and influential newsletter,
1:29.7	Crypto is Macro Now. So welcome, Noel.
1:32.4	Hi, Steve. So good to be with here today. How are you doing today?
	...

Transcript will be available on the free plan in 16 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Laura Shin, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Laura Shin and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.