The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise?With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down: Why markets are struggling—and whether a recession or stagflation is coming Whether the Fed has become irrelevant How the stablecoin bill could rescue sales of treasuries Why bitcoin isn’t following gold’s rally The factors that could kickstart the next crypto boom The latest on all the dozens of crypto ETFs in the works Sponsors:BitwiseHosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  LinksThe stagflation trade Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout Reuters: Fed's Powell gets chance to address trade war, stagflation fears Tweet by Noah Smith Budget billWharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects Stablecoin bill: Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill Solana futuresCointelegraph: Solana futures finish first trading day on CME Solana adUnchained: Solana Deletes ‘Cringe’ Ad After Crypto Community BacklashTimestamps:👋 0:00 Intro📉 1:39 Stagflation fears and which tariffs actually matter for the economy🌎 6:11 Why the outlook for commodities is so uncertain📊 10:49 Is the Trump administration sabotaging itself?🐶 16:57 Why DOGE’s role in the market is bigger than you think📉 23:51 Why the 10-year yield isn’t dropping as expected💰 28:04 Will shrinking liquidity grind the market to a halt?🏛️ 32:37 Why the Fed has become irrelevant🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get⚠️ 41:13 Why a recession is not a foregone conclusion🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following?🏦 51:24 How the stablecoin bill could save US government finances🚀 1:01:47 How bitcoin gets its next rally 📉 1:07:16 The hidden benefit of CME SOL futures✅ 1:12:15 The latest on pending crypto ETF approvals📣 1:17:26 Reactions to the controversial Solana ad Learn more about your ad choices. Visit megaphone.fm/adchoices