Bits + Bips: Why the Stock Market Wipeout Might Not Achieve What Trump Wanted - Ep. 802

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

Timestamps:
👋 0:00 Intro
📉 1:39 Stagflation fears and which tariffs actually matter for the economy
🌎 6:11 Why the outlook for commodities is so uncertain
📊 10:49 Is the Trump administration sabotaging itself?
🐶 16:57 Why DOGE’s role in the market is bigger than you think
📉 23:51 Why the 10-year yield isn’t dropping as expected
💰 28:04 Will shrinking liquidity grind the market to a halt?
🏛️ 32:37 Why the Fed has become irrelevant
🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get
⚠️ 41:13 Why a recession is not a foregone conclusion
🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following?
🏦 51:24 How the stablecoin bill could save US government finances
🚀 1:01:47 How bitcoin gets its next rally
📉 1:07:16 The hidden benefit of CME SOL futures
✅ 1:12:15 The latest on pending crypto ETF approvals
📣 1:17:26 Reactions to the controversial Solana ad
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