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The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise?

With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down:

• Why markets are struggling—and whether a recession or stagflation is coming
• Whether the Fed has become irrelevant
• How the stablecoin bill could rescue sales of treasuries
• Why bitcoin isn’t following gold’s rally
• The factors that could kickstart the next crypto boom
• The latest on all the dozens of crypto ETFs in the works

Sponsors:

• Bitwise

Hosts:

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Joe McCann, Founder, CEO, and CIO of Asymmetric
• Ram Ahluwalia, CFA, CEO and Founder of Lumida
• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

Links

The stagflation trade

• Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout
• Reuters: Fed’s Powell gets chance to address trade war, stagflation fears
• Tweet by Noah Smith

Budget bill

• Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects

Stablecoin bill:

• Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether
• CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill

Solana futures

• Cointelegraph: Solana futures finish first trading day on CME

Solana ad

Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash