Unusual Whales Unusual Whales Pod Ep. 65: Fed To End Quantitative Tightening! Cuts Rates 25BPS
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Oct 30, 2025 
Joseph Wang, a former Fed practitioner, joins market analyst Thelastbearstanding, macro investor Jonny Matthews, portfolio manager Martin Pelletier, and volatility expert Jem Carson to dissect the current economic landscape. They explore the quirky disconnect between strong growth and persistent inflation. The panel debates the impacts of AI on market dynamics, challenges facing the Fed amidst a government shutdown, and the implications of corporate layoffs. They also tackle housing market bifurcations and the potential end of quantitative tightening, providing insights that are both timely and provocative.
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Economy Showing Contradictory Signals
- Growth remains resilient while inflation refuses to fully retreat, creating policy contradictions for the Fed.
- The shutdown has removed key data sources, forcing reliance on private proxies and increasing uncertainty for policymakers.
Growth And Labor Demand Are Holding Up
- US growth and AI-driven investment keep demand stronger than many expect, so labor demand has cooled but not collapsed.
- Fed likely to cut soon but markets may overprice the total number of cuts next year.
Shelter Is The Key Inflation Wildcard
- Shelter/rent is a large, sticky CPI component but shows signs of slowing as new multifamily supply hits absorption limits.
- Shelter dynamics will remain a key driver of headline and core inflation going forward.
