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.

What's going on, guys? It is Friday, October 31st, and that means it's time for the Friday 5. Before we get into it, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. All right, friends, quick announcements actually before I get into the Friday 5 with Scott Melker. Next week, I will be out of the country for my anniversary, and since I like staying married, the breakdown will actually be off for the week. We will be back the following week, just as normal, but in advance, I hope you have a very dynamic and exciting first week in November. Certainly the last week in October had a lot to talk about,

so without any further ado, let's dive in.

Good morning, people, and welcome to the Friday 5,

or a few minutes earlier than usual.

Feels good.

Feels good, Ron.

We're here earlier, fresh for a Halloween Friday 5. It's very early. We're beginning. Scary. You see how that is? I see what you did there. I see what you did there. And what is scary, apparently, to people, is that the future Fed rate cuts are far from certain after a divided meeting. Quite a few articles right now about confusion at the Fed and what they may or may not do.

We know that QT is set to end very soon, but many saying that if they end QT, they also have

to end rate cuts for now. Even Michael Burry of the big short, sometimes we see bubbles.

Sometimes there's something to do about it. Sometimes the only winning move is not to play.

Cool story, bro.

Michael Burry is worse than, like, a high school quarterback who wants to bring up the big game

from his high school days every party that is at forever.

Anyways, regardless.

All over those mountains is Uncle Rico.

Let's go.

Yeah, I think that the Fed meeting was surprisingly hawkish, even though it wasn't

really hawkish in a traditional sense, just relative to expectations.

I think markets had more or less entirely priced in another rate cut in December at this

point.

...