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BTC144: Bitcoin and Macro Mastermind 3Q 2023 w/ Joe Carlasare, Jeff Ross, and Steven McClurg (Bitcoin Podcast)
Aug 23, 2023
Join legal expert Joe Carlasare, finance strategist Steven McClurg, and investment analyst Jeff Ross as they dissect the rising interest rates and their impact on the economy. They delve into the latest developments surrounding Bitcoin ETFs, including the SEC's influence and the ramifications of the Grayscale lawsuit. The trio also speculates on potential energy price breakouts and navigates the complexities of the U.S. treasury market amidst evolving economic conditions. Their insights are sharp, and the discussions are as engaging as they are informative!
01:27:57
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Quick takeaways
- Companies are well-protected from rate hikes in the short term due to locking in low interest rates, but refinancing their debts in the future could pose challenges.
- The market is expected to experience a slow and unsatisfactory trajectory rather than a sharp downturn, with continued economic growth but without a catastrophic event triggering a collapse.
Deep dives
Corporate net interest payments remain low despite rising rates
The chart shows that despite the fastest hiking cycle in history, corporate net interest payments as a percentage of post-tax profits have declined. This is different from previous cycles where rising rates led to higher corporate net interest payments. The reason for this is that companies locked in low interest rates by issuing a significant amount of low-cost debt and have longer durations, protecting them from higher rates. This suggests that companies are well-protected from rate hikes in the short term, but refinancing these debts in the future could pose challenges.
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