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In this episode, Jonny Matthews joins the show to discuss Fed policy and its impact on yields, US productivity, and resilience in the labor market. We also delve into the Trump Administration's potential impact on markets, the outlook for US equities, and much more. Enjoy!
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Join us at Digital Asset Summit 2025 March 18th - 20th. Use code FG10 for 10% off general admission!
https://blockworks.co/event/digital-asset-summit-2025-new-york
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GlobalStake delivers institutional-grade staking with self-owned, SOC2-certified bare-metal infrastructure, carbon-negative operations, and comprehensive security. Enjoy competitive pricing, decentralized operations, and slashing insurance backed by top-rated carriers. Learn more at globalstake.io
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Timestamps:
(00:00) Introduction
(01:11) No Recession Call
(04:04) Fed Meeting
(06:43) Fed Policy & Era Of Higher Rates
(10:27) US Vs Global Productivity
(14:27) Global Growth Outlook
(17:12) Inflation Overview
(22:35) Income & Consumption Disparities
(25:36) Impact Of Fed Policy
(29:20) Ads
(30:33) Labor Market Overview
(35:42) Trump’s Potential Immigration Policy
(38:12) Fading DOGE, Deregulation, & Tariffs
(40:25) SOFR, Term Premium, & Central Bank Policy
(47:42) Risk Assets & US Equities
(50:52) Fed Gilt Crisis Moment?
(52:33) Alternative Assets
(55:05) Euro & US Dollar
(57:10) Learn More About Jonny’s Work
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
This week we discuss the looming growth scare, the dollar wrecking ball driving a global margin call, and global yields nearing an inflection point. We also delve into the housing affordability crisis, the public spending problem, and much more. Enjoy!
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Follow Quinn: https://x.com/qthomp
Follow Tyler: https://twitter.com/Tyler_Neville_
Follow Felix: https://twitter.com/fejau_inc
Follow Forward Guidance: https://twitter.com/ForwardGuidance
Follow Blockworks: https://twitter.com/Blockworks_
Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance
Forward Guidance Telegram: https://t.co/G7Ljv4x5Dp
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Weekly Roundup Charts: https://drive.google.com/file/d/1vUv3VzZIBynaGgOynsWw6iCbWicPhH8x/view?usp=sharing
—
Join us at Digital Asset Summit 2025 March 18th - 20th. Use code FG10 for 10% off general admission!
https://blockworks.co/event/digital-asset-summit-2025-new-york
—
SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 46 Million users over $9 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world’s crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER device today and protect your assets with top-tier security technology. Buy now on Ledger.com.
GlobalStake delivers institutional-grade staking with self-owned, SOC2-certified bare-metal infrastructure, carbon-negative operations, and comprehensive security. Enjoy competitive pricing, decentralized operations, and slashing insurance backed by top-rated carriers. Learn more at globalstake.io
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Timestamps:
(00:00) Introduction
(01:55) December Jobs Report
(06:16) Other Labor Market Data
(07:50) Is The Cutting Cycle Over?
(11:24) DAS 2025
(14:34) Economic Slowdown In 2025?
(20:57) Global Margin Call
(27:10) Dollar Dilemma
(29:58) Global Bond Yields
(33:20) Yield Curve Dynamics
(35:22) Trifecta Of Tightening
(37:25) Crypto Politics
(39:16) 2Y-10Y Curve & Yield Threshold
(40:05) Ads
(42:03) 2Y-10Y Curve & Yield Threshold (Con't)
(45:24) Trump Administration & Uncertainty Hysteria
(49:12) NFP Prediction
(49:52) TLT & Positioning
(52:13) Housing Affordability Crisis
(57:05) Yield Solutions
(59:59) 2-Year Trade
(01:01:12) Bitcoin & The Inauguration
(01:04:22) Public Spending Problem
(01:11:15) Decentralization Of Everything
(01:12:35) Killing The Four Year Cycle Narrative
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
