Joseph Wang & Jack Farley on “Hawkish” January Fed Meeting, Tapering Quantitative Tightening (QT), and “Boring” Treasury Quarterly Refunding Announcement (QRA)
Forward Guidance is sponsored by VanEck. Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG. VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/ -- Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Joseph Wang CIO at Monetary Macro joins the show to discuss the latest in markets after Jerome Powell's FOMC conference. -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Joseph: https://twitter.com/FedGuy12 Follow Jack: https://twitter.com/JackFarley96 Follow Mike: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN10 for a 10% discount. https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (00:41) Joseph's View on Jan FOMC: "This Was A Hawkish Fed Conference" (07:51) Joseph's View On Asset Prices (10:04) Joseph's View on Rates (20:52) Vaneck Ad (21:37) The Plumbing Of How The Government & Fed Prints Money (32:41) Treasury Issuance (QRA, Quarterly Refunding Announcement) (39:01) Joseph's View on Fed's Quantitative Tightening (QT): Taper Could Likely Begin In Q4 2024 (44:57) Fed's Plan For Discount Window & End Of Bank Term Funding Program (BTFP) (49:31) Joseph Wang: Fiscal Deficits Will Likely Continue To Fuel Bull Market In Risk Assets (52:19) Concentration of Stock Market Rally (01:00:12) Jack Puts On Tin Foil Hat Re: Fed Language & New York Community Bank (NYCB) (01:02:44) Closing Thoughts: Plumbing People Are Not Always Bearish!! -- Disclaimer: Nothing discussed on On The Margin 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.