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.

The breakdown is sponsored by nexo.io, Circle, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Tuesday, October 11th, and today we are catching up on the big

stories dominating macro analysis. Before we get into that, 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. Also a disclosure as always. In addition to them being a sponsor of the show,

I also work with FTX. So like I said, today we are going to go a little deeper on some of the

big stories shaping markets and macroeconomic

analysis. And for the sake of full transparency, I'm actually recording this on Monday afternoon.

We have to go get a last-minute passport for one of our little's tomorrow. And so I wanted to

make sure that the show wasn't late. But given the world as it is now, I always want to tell you guys

if I'm recording in advance

in case something crazy happens that I just don't cover and don't explain why. So as mentioned

yesterday, there is a new earnings period coming up and things aren't looking great.

TLDR, investment analysts are thinking that what we get for last quarter won't be terrible,

but the indicators of what to come will likely

be much worse. And in fact, to some extent, what investors are going to be looking at isn't so much

the last three months of performance, but instead how public company executives view the possibility

of future growth. As Bloomberg put it, on that, the news will probably be bad.

To give a sense of how earnings expectations have changed over the past six weeks or so,

...