Macro talk gets aggressive

plus, BRICS, tariffs and the US dollar: creating new threats

“Technology does not drive change. It is our collective response to the options and opportunities presented by technology that drives change.” – Paul Saffo ||

Hello everyone! I hope you’re all doing well! Apologies for the late send today, a schedule complication this morning.

Last week, I was invited on to the Brazil Crypto Report podcast, to chat with Aaron Stanley who knows more about what’s going in crypto in Latin America than anyone else I’ve met. You can see that episode here, or listen to it here (Spotify link).

Below, I look at some extremely relevant economic comments couched in particularly entertaining language. I also wonder what was behind Trump’s threat of tariffs for BRICS members looking to replace the US dollar, and what it could mean for the dollar’s role.

Production note: it’s a public holiday here in Spain this coming Friday, so this newsletter will be skipping a day – I will be publishing the free weekly on Saturday, however.

IN THIS NEWSLETTER:

• Macro talk gets aggressive

• BRICS, tariffs and the US dollar: creating new threats

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WHAT I’M WATCHING:

Macro talk gets aggressive

An unexpected side effect of the new mood sweeping the halls of power in the US is an increasingly and entertainingly aggressive tone, reflected in more frequent wrestling and martial arts references.

Over the past 24 hours, I’ve heard two such mentions from intelligent individuals with high levels of financial influence – and in both cases, the statements highlight overlooked but significant points.

Fed Governor Chris Waller

The first was from Fed Governor Chris Waller, who gave a speech yesterday at an economic conference in Washington DC.

Here’s an excerpt:

“Overall, I feel like an MMA fighter who keeps getting inflation in a choke hold, waiting for it to tap out yet it keeps slipping out of my grasp at the last minute. But let me assure you that submission is inevitable – inflation isn't getting out of the octagon.”

The point he makes is that inflation is tough to control, things are looking good but not yet good enough, and that the Fed will do what it needs to.