Felix Jauvin, macro analyst at Reflexivity Research, joins Jack Farley to share his outlook on liquidity, the Fed, and inflation. Jauvin argues that the liquidity that the Federal Reserve is removing from the financial system via quantitative tightening (QT) is being sterilized by the draining of the Fed’s reverse repo facility (RRP) - in other words, the Federal Reserve is removing money with one hand and adding money back with another. Jauvin shares his outlook on assets such as bonds, stocks, commodities, the dollar, and crypto. Filmed on December 20, 2022.--Follow Felix Jauvin on Twitter https://twitter.com/fejau_incFollow Jack Farley on Twitter https://rb.gy/uesguvFollow Forward Guidance on Twitter https://rb.gy/cy0dkiFollow Blockworks on Twitter https://rb.gy/igyzsj--Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:https://rb.gy/5weeywMarket commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos--Timestamps:(00:00) Introduction(00:29) Liquidity In 2023(15:30) Reverse Repo & Treasury General Account (TGA)(20:59) What's Going To Break?(30:05) A "Nightmare Scenario" For Powell And The Fed(34:16) Pivot And Yield Curve Control(37:07) Views On Inflation(43:57) Commodities Outlook(48:57) Equities(56:03) Crypto--Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Will Clemente and Felix Jauvin discuss macro and crypto trends heading into 2024, including inflation, interest rates, fiscal dominance, and the future of bull markets. They explore the intersection of macro and digital assets, positive catalysts for Bitcoin's future, and the shift in narrative between Bitcoin and Ethereum. Additionally, they touch on the use of Micro Strategy as a leveraged Bitcoin ETF and its potential future value.

Felix Jauvin, a macro analyst and host of On The Margin at Blockworks Macro, joins the discussion on economic signals and their implications for Bitcoin. He analyzes recent trends in unemployment and inflation, shedding light on the Fed's rate decisions and the expected economic slowdown. Felix emphasizes Bitcoin's unique position as an indicator in the evolving financial landscape. He also delves into the Treasury's strategies to maintain market stability and the significant intersections between macroeconomic factors and Bitcoin’s behavior.