The Fed onslaught has some nuance
plus: market complacency, Morgan Stanley, monetary policy and more
“I see no advantage in these new clocks. They run no faster than the ones made 100 years ago.” – Henry Ford ||
Hi everyone! I hope you’re all doing well and taking care of yourselves. This week is turning out to be quite something.
While US superstition has Friday 13th as a day on which to be careful, here in Spain it’s Tuesday 13th, not sure why – so, wish me luck on getting through today.
I’ve been wondering: with so much crypto, tradfi and geopolitical jargon rushing past us every day, would it be helpful if I did a regular section of definitions? Not obvious ones like “stablecoins” or “futures”, but more esoteric terms and yet frequent ones such as “ordinals” or “monetization”. For a language nerd like me, it would be fun, but I’m reluctant to add length to the newsletter unless you’d find it useful, so let me know in comments please, or in the Substack chat.
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IN THIS NEWSLETTER:
The Fed onslaught has some nuance
Markets: don’t care
Morgan Stanley’s surprising move
(I’m not commenting on the CLARITY Act today, important as it may be, as there is still much in flux with drafts flying around all over the place. Amendments are apparently due at close of session today, so I’ll dive into what we can expect from Thursday’s debates tomorrow.)
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links, a music recommendation (‘cos why not?), and more.
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WHAT I’M WATCHING:
The Fed onslaught has some nuance
More details are emerging on the DOJ investigation opened into Fed Chair Jerome Powell (I wrote a bit about this yesterday when the news was still fresh – now, nuance is taking shape).
