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On The Tape

Mike Novogratz on the Fed Pivot, Stocks, Geopolitics and Bitcoin

Dec 26, 2023
Mike Novogratz, CEO of Galaxy Investment Partners, discusses the macro environment, Fed's interest rate cuts, government spending's impact on Bitcoin and gold, and the potential of wider ETF ownership in the crypto industry.
39:17

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Government infrastructure spending is less sensitive to interest rates, contributing to the economy's surprising resilience.
  • High debt-to-GDP levels pose significant risks to the economy, including debt service costs and geopolitical concerns.

Deep dives

The Resilience of the Economy Despite Increased Federal Spending

Mike Novogratz, CEO of Galaxy, highlights the surprising resilience of the economy despite significant increases in federal spending under both the Trump and Biden administrations. He attributes this resilience to the lessened sensitivity of government spending to interest rates, noting that when the government decides to invest in infrastructure, interest rates become less relevant.

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