On today's episode of Forward Guidance Lou Crandall, Chief Economist of Wrightson ICAP & Joseph Wang CIO at Monetary Macro join the show to discuss the fallout of the recent bank panic. With two monetary plumbing experts on the show, we take the opportunity to cover a wide range of topics including the real reason bank deposits were leaving banks, the impact of the record $2 trillion parked in the reverse repo, how the Fed can use interest rates to control financial stability and the looming debt ceiling.In the opaque world of financial plumbing, there are no two better guests to welcome to the show, but to hear all this and more, you'll have to tune in!--Today's show is sponsored by Public.com: Get a 4.8% yield when you open a government-backed Treasury Account.* That's a higher yield than a high-yield savings account.** Go to https://Public.com/forwardguidance*26-week T-bill rate (as of 10/4/23) when held to maturity. Rate shown is gross of fees.**As compared to the national high-yield savings average of 3.43% (Source: Time.com/NextAdvisor as of 12/30/22).--Follow Lou: https://twitter.com/FedwatcherFollow Joseph: https://twitter.com/FedGuy12Follow Jack Farley on Twitter https://twitter.com/JackFarley96Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidanceFollow Blockworks on Twitter https://twitter.com/Blockworks_Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Timestamps:(00:00) Introduction(00:54) Silicon Valley Bank, Reminiscent of The Savings & Loan Crisis?(06:08) Why Are Deposits Leaving Banks?(11:30) The Plumbing of Treasury Debt(21:34) The Reverse Repo Is A Danger To The Banking System(34:12) Public.com Ad(35:18) How The Fed Can Control Financial Stability Using Interest Rates(50:39) The Debt Ceiling(01:05:56) The Reserve Gap(01:07:43) The 2019 Repo Crisis: Everyone Has A Plan, Until They Get Punched In The Nose(01:13:57) Will Banking Turmoil Lead To A Credit Crunch?--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.

Former Fed trader Joseph Wang discusses his outlook for 2024, including his stock market "crack up boom" thesis and the rise of fiscal dominance. They also dive into the Fed's QT program, the reverse repo outlook, and the impact of broader financial plumbing on markets.

On today's episode of Forward Guidance, Alex Etra Senior Macro Strategist at Exante Data & Joseph Wang CIO at Monetary Macro join the show for a discussion on the path ahead for H2 2023. Reflecting on the record bond losses in 2022, Alex shares his outlook on what to expect in the second half of 2023 as bond fund managers experience inflows and tech related equities continue surging higher despite the bearish sentiment in the broader market. We then move on to some of the monetary plumbing implications amidst the debt ceiling resolution and what impact it could have on markets as the U.S Treasury looks to re fill is dwindling Treasury General Account. To hear all this & more. you'll have to tune in!--Referenced In The Show: Back to 2019: https://fedguy.com/back-to-2019/ Money: Inside and Out: https://moneyinsideout.exantedata.com/ --Use code GUIDANCE20 to get 20% off Permissionless 2023 in Austin:https://blockworks.co/event/permissio...Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/--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) Preparing For June FOMC(05:23) Will The Fed Hike, Skip Or Cut?(07:25) Back To 2019(10:35) Permissionless(11:13) The Mechanics of The Treasury Cash-Futures Basis Trade(19:07) The Path Ahead In H2 2023(25:47) Reflecting On The Bond Markets Performance In 2022(34:21) Will A New Investor Class Replace Japanese Investors?(38:31) Equity Flows(43:46) Blockworks Research(44:46) Why Are Equity Markets Performing So Well In 2023?(51:51) The Mechanics of The U.S. Treasury, General Account(01:01:04) Quantitative Tightening: Is The Reverse Repo Heading Higher?(01:05:32) How Alex Tracks Market Flows--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.

Joseph Wang, a macro expert, joins market trend commentator Thelastbearstanding, urban economic analyst Michael Kao, and tech analyst Dan Ives for an insightful discussion. They delve into the Federal Reserve's historic rate cut and its market implications. Topics include the state of inflation, the labor market’s slowdown, and the impact on housing. They also explore gold price trends amid geopolitical tensions and predict a bright future for tech stocks, driven by AI advancements and increased capital expenditures.

Dr. Barry Eichengreen and Joseph Wang discuss dollar dominance, problematic government debt levels, Modern Monetary Theory (MMT), and central bank digital currencies (CBDCs). They explore the challenges faced by emerging markets, the reasons behind the US dollar's dominance as a global reserve currency, and the potential future of dollar dominance. They also touch upon political polarization and government debt levels, the impact of artificial intelligence on productivity, and China's economic slowdown.

Macro analysts Joseph Wang, Michael Howell, Julian Brigden, and Jonny Matthews share their 2024 outlook on global economy, stocks, bonds, currencies, and Bitcoin. Discussions include U.S. outperforming global economy, loose financial conditions, central bank policies, Bitcoin as hedge, Federal Reserve's interest rate cuts dilemma, and future of US dollar and cryptocurrencies.

My guest for this episode is Joseph Wang. Joseph is one of the most knowledgeable people I’ve come across when it comes to the world of central banking and how it intersects with markets. His experience on the open markets desk at the New York Fed gives him unique insight into the inner workings of the financial system and how it has evolved in recent years. In this episode we discuss the shift in both monetary and fiscal policy over the past decade and how it has crucial implications for investors in coming years. For notes and links related to this conversation visit TheFelderReport.com.

Edward Chancellor, distinguished investor, financial historian, and author, joins Forward Guidance to discuss his latest book “The Price of Time: The Real Story of Interest.” Chancellor shares with host Jack Farley and Joseph Wang (“Fed Guy”) how artificially low interest rates can distort markets and foment bubbles.“The Price of Time”: https://www.amazon.com/Price-Time-Real-Story-Interest/dp/0802160069____Follow Edward Chancellor on Twitter https://twitter.com/chancellor_e?lang=enFollow Joseph Wang on Twitter https://twitter.com/FedGuy12Follow Jack Farley on Twitter https://twitter.com/JackFarley96Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidanceFollow Blockworks on Twitter https://twitter.com/Blockworks_Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12/featuredJoseph Wang’s writings can be found at https://fedguy.com/____Use code GUIDANCE20 to get 20% off Permissionless 2023 in Austin:https://blockworks.co/event/permissionless-2023Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/____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____Timecodes:(00:00) Introduction(00:31) How Ultra-Low Interest Rates Cause Asset Bubbles(11:03) The History Of The Gold Standard(18:54) Deflation Isn't Always Bad(30:06) Negative Interest Rates Are A Tax On Capital(37:17) Low-Rates Boost Venture Capital and Private Equity(45:27) I'm Fairly Dubious About Cryptos(46:44) Unicorns and Zombies(54:20) Elite Overproduction(57:39) How High Can Interest Rates Go?____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.

Financial analyst Joseph Wang discusses his predictions for the stock and bond market in 2024, expecting stocks to outperform bonds. He touches on topics like rate cuts, gold, commodities, Bitcoin, and the wealth effect of crypto. Joseph also explores the potential bear cases for equities and the impact of fiscal spending on the market.

Financial analyst Martin Pelletier and economist Joseph Wang discuss topics such as stock market concentration, cash-futures treasury basis trade, structured products, and New York Community Bank. They analyze the impact of passive investing on tech stocks, address concerns about NYCB's earnings report, and explore levering up the basis trade in fixed income and treasuries. They also discuss the performance of regional bank stocks, the Canadian banking sector, and investment opportunities in the market.