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With the summer rally in risk assets two weeks in the rear view mirror, Jack welcomes two experts on the plumbing of the monetary system, former senior Fed trader Joseph Wang and Daniel Neilson, economist and author of “Minsky” and writer of the “Soon Parted” newsletter. Neilson and Wang exchange views on just how high the Federal Reserve will hike rates in order to tame inflation, with Wang calling Fed chair Powell’s speech at Jackson Hole a “great performance.”
Neilson shares insights on the changing size and composition of the European Central Bank’s balance sheet, and then he proceeds to teach Jack about what the relative levels of various “repo” rates indicates about the supply and demand for Treasury collateral. Lastly, Neilson shares his views on government crackdown of crypto mixer Tornado Cash. Daniel H. Neilson is the principal of Neilson Macro Advisors and author of Minsky from Polity Books, and his newsletter is called Soon Parted.
Filmed on August 31, 2022.
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Link to Daniel Neilson’s piece on the balance sheet of the European Central Bank (ECB): https://www.soonparted.co/p/defrag
Link to Daniel Neilson’s piece on Tornado Cash: https://www.soonparted.co/p/tornado-cash
Follow Daniel Neilson on Twitter https://twitter.com/dhneilson
Follow Joseph Wang on Twitter https://twitter.com/FedGuy12
Joseph Wang’s writings can be found here: https://fedguy.com/
Daniel Neilson’s writings can be found here: https://www.soonparted.co/
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(00:00) Introduction
(00:30) Analysis of Powell's Remarks at Jackson Hole
(09:54) Inflation Expectations
(17:17) Just How Far Behind The Curve Is The European Central Bank (ECB)?
(29:38) Plumbing Of The Repo System (Warning: Very Advanced)
(49:37) Tornado Cash
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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.
