Yield Curve Control, Non-Fungible Tokens, and a Wobbling Equity Market

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 13 March 2021

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

DB-Mar12,2020.Real Vision CEO and co-founder Raoul Pal joins senior editor Ash Bennington to make sense of a bond market trying to regain its footing and a wobbling equity market vulnerable to an ignited dollar. Raoul argues that inflation is probably on the horizon but insists that it will be temporary cyclical, not secular. Raoul estimates that the Federal Reserve’s pledge to target maximum employment – even if that means inflation runs hot – makes yield curve control a potential outcome. Lastly, Raoul and Ash discuss the rejuvenated crypto market with most coins trading at or above their all-time highs as well as the red-hot market of non-fungible tokens (NFTs), which they argue empower artists and musicians by granting them perpetual claim on their work and have the potential to create a new mechanism of digital value. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Yields rising on U.S. Treasuries, the rotation trade in U.S. equities, and of course, the digital
0:18.4	asset market, including Red Hot NFTs.
0:22.6	Well, welcome back.
0:23.6	It's been a few weeks since we've done one of these.
0:25.4	I know.
0:26.4	I'm looking forward to it.
0:27.4	What's going on?
0:28.6	Yes.
0:29.4	Lots going on.
0:30.4	We were just talking a little bit off camera about all the things that are happening in markets
0:33.8	right now, starting with U.S. Treasuries, what are your thoughts?
0:39.8	There is a cyclical inflation pressure.
0:41.8	I do not believe it's secular inflation pressure.
0:44.5	I think this is passing in transitory, but we're going to get the brunt of the inflation numbers
0:51.5	looking pretty strong over the next six months.
0:55.2	What that is leading to is obviously the market trying to reprice inflation risks.
1:01.2	Yields, 10-year yields, I don't know what they are today, 160-something, is the high end
1:07.5	of the range, and we've seen that that has made the equity market wobble somewhat.
1:11.7	It also started to ignite the dollar.
1:14.4	These things aren't good for the ongoing growth.
1:17.4	The other thing most people don't understand about yields rising, it's not a matter of
1:21.0	all the inflation coming yields need to go up.
	...

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