The 'New Weird' and the Terror of the In-Between

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 24 September 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On this edition of the “Weekly Recap,” NLW looks at: The market’s reaction to the FOMC, a few days on The “golden handcuffs” in the housing market A recap of the bank CEO hearing on Capitol Hill this week Jesse Powell steps down as Kraken CEO - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million 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. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “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. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: CSA Images/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.
0:09.2	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 Saturday, September 24th, and today we are talking about the new
0:27.9	weird and the terror of the in-between. Before we dive in a quick note, there are two ways to listen
0:34.6	to the breakdown. You can hear us on the Coin Desk Podcast Network,
0:37.7	which comes out every afternoon, and features other great Coin Desk shows, or you can hear
0:42.3	us on the Breakdown-only feed, which comes out a few hours later. Wherever you listen, I would so
0:46.9	appreciate it if you would take the time to leave a five-star rating or a review wherever you
0:51.4	happen to listen. It makes a huge difference and I really appreciate it.
0:55.1	Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with
0:58.9	FtX. Finally, I want to tell you about CoinDesk's new event, the investing in digital enterprises
1:04.1	and asset summit or ideas. Ideas is designed to facilitate capital flow and market growth
1:09.3	by connecting the digital economy
1:10.9	with traditional finance. Join CoinDesk October 18th and 19th in New York City for a 360-degree
1:16.7	investment experience where you can source and invest in the next big deal in digital assets.
1:21.6	Use code breakdown 20 for 20% off a general pass and register today at coindesk.com slash ideas.
1:29.6	So let's start with the biggest theme this week, which is about what the week told us about where we are psychologically.
1:35.2	Obviously, there was an FOMC meeting where somehow investors were taken by surprise that the Fed
1:39.9	believed that at the end of next year, the federal funds rate was going to be somewhere between
1:43.6	4.25 and 5%. So when all was said and done, the 75 basis point rate hike didn't really matter
1:49.8	to investors, but the Fed's acknowledgement for how long these market conditions were likely to remain,
	...

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