Real Vision: Finance & Investing Bitcoin Soars, Japanese Bonds Buckle | Andreas Steno and Mikkel Rosenvold | Macro Mondays: October 6, 2025
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Oct 6, 2025 Andreas and Mikkel dive into the explosive rally of Bitcoin and the challenges in the Japanese bond market. They discuss the impact of weak labor data and the potential for Fed rate cuts. The hosts explore Bitcoin's role as a long-term store of value, comparing it to gold. There's a deep dive into Japan's shifting political landscape and the revival of private bank lending. They also highlight China's shift towards electric vehicles and the looming energy bottlenecks for AI and data centers, wrapping up with insights on portfolio strategies for Q4.
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Shrinking Labor Force Forces Automation
- The U.S. labor market is shifting due to migration policy, shrinking the labor force and reducing required monthly job creation.
- Andreas Steno Larsen says this forces automation and a longer-term CapEx cycle toward robotics and AI infrastructure.
Viral Contractor Story Illustrates Labor Shift
- Mikkel shared a viral story about a contractor calling ICE to avoid paying an undocumented worker.
- Andreas Steno Larsen used this anecdote to illustrate how migration enforcement changes labor dynamics.
Fed Cuts Driven By Labor Risk Aversion
- The Fed reacts to weak payroll prints by cutting rates to avoid a negative jobs spiral.
- Andreas Steno Larsen expects continued rate cuts as the Fed prioritizes labor risks.