
Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In - Ep. 814
Unchained
Navigating Economic Uncertainties
This chapter explores the intricacies of the current economic environment, focusing on the unexpected decline of the dollar and its impact on interest rates. It examines market sentiments around Bitcoin as a potential safe haven amid recession fears, while also discussing the Federal Reserve's cautious approach to inflation and interest rate policies. Additionally, the chapter delves into the vulnerabilities of treasury markets and the overarching influence of political pressures on monetary policy.
The markets are rattled. Tariffs are rising. Investors are pulling back.
In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects.
Plus:
- Whether Bitcoin becomes a safe haven
- What makes this downturn different from 2022 and 2020
- Why a potential recession still isn’t priced in
- Whether Congress can take the tariff button away from Trump
And yes, Ram coins a new term: FAFO tariffs 😀
Sponsors:
Hosts:
- James Seyffart, Research Analyst at Bloomberg Intelligence
- Alex Kruger, Founder of Asgard
- Ram Ahluwalia, CFA, CEO and Founder of Lumida
- Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
Tariffs:
- Recent coverage of Unchained on the economy and tariffs:
- Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
- Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
- Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
- Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
- In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
10-year yield and the Fed
- CNBC: 10-year Treasury yield rises back above 4% despite tariff threat to growth
- Reuters: No Fed 'put' when it's unclear which way the economy may pivot
2008 Market Crash
- Federal Reserve: The Great Recession and Its Aftermath
- CNN: Bailout Plan Rejected - Supporters Scramble
Can Congress Step In?
- Economist: How Donald Trump’s Tariffs Will Probably Fare in Court
- Politico: Trump Threatens Veto of Bill to Curb Tariff Power
Timestamps:
👋 0:00 Intro
📉 3:30 Why this selloff feels nothing like 2022 or 2020
🪞 8:41 Why buying signals could be a mirage
🤔 11:28 Is the bear market already priced in? What investors are missing.
🏚️ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now
🧮 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration
📈 36:15 Why Trump wants the 10-year yield down, and why he’s failing
🛟 39:59 What counts as a safe haven right now, and is bitcoin one of them?
🏦 52:42 Can the Fed stand up to Trump’s pressure to cut rates?
🚫 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem.
⚖️ 1:01:19 Can Congress pull Trump’s tariff authority?
💵 1:06:32 Can stablecoins save dollar demand?
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