The Single-Mandate Fed Says There Are Too Many Employed People

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 23 September 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. On Wednesday, the U.S. Federal Reserve raised the benchmark federal funds rate by 75 basis points, the third consecutive hike of that size. The market expected this, but reacted negatively to projections the federal funds rate will remain elevated all the way through 2023. NLW breaks it down, with an emphasis on why the labor market has become the biggest question mark in the Federal Reserve’s fight to contain inflation. - 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. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “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: Drew Angerer/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

Click on a timestamp to play from that location

0:00.0	the great irony of Powell's constant invocation of Volker this year,
0:04.5	his great fear of his legacy as being another Arthur Burns,
0:08.3	will be that his name will represent an entirely new type of cautionary tale.
0:12.8	It won't be that he fell into the Bernsian trap of taking his foot off the break too soon.
0:17.5	It's that he will have been so obsessed with the lessons of the past
0:20.8	that he failed to recognize how fundamentally with the lessons of the past that he failed to
0:21.7	recognize how fundamentally different the situation he was faced with was.
0:26.9	Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the
0:34.1	Big Picture Power Shifts remaking our world. The breakdown is sponsored by nex0.0
0:38.7	chain aliasis and ftX and produced and distributed by coin desk. What's going on, guys? It is Thursday,
0:46.6	September 22nd, and today we are discussing why the single mandate Fed is saying there are too many jobs.
0:53.9	Before we get into that, however, if you are
0:55.4	enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you
0:59.6	want to dive deeper into the conversation, come join us on the Breakers Discord. You can find
1:03.6	a link in the show notes or go to bit.ly slash breakdown pod. Also a disclosure as always.
1:09.0	In addition to them being a sponsor of the show, I also work with
1:11.4	FTX. Well, folks, yesterday was the biggest day of September for markets. It was FOMC day,
1:19.7	the day where we would see if Powell and the Fed would meet expectations, or erudovish, or lean
1:25.0	hawkish in helping guide markets about what was to come from monetary policy.
1:29.4	We got some extra fireworks heading into the day in the form of an announcement
1:33.3	that Vladimir Putin would be making a speech just hours before,
1:37.4	just to really drive home the extent to which monetary policy, the macro, and geopolitics,
	...

Please login to see the full transcript.

Previous episode | Next episode

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

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