Bell Curve

Hosted by Mike Ippolito, Bell Curve is for degens stuck in the middle of the bell curve.

Author: Blockworks

Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best. If you're a crypto native, degen or investooor, this podcast is for you. Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ Join the Bell Curve Telegram group: https://t.me/nzyxAvQ0Xxc3YTEx
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Language: en

Genres: Business, Investing, Technology

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Forward Guidance: Threat to Fed Independence is Un-Anchoring Inflation Expectations | Jens Nordvig
Tuesday, 29 July, 2025

In this episode, PhD Economist Jens Nordvig breaks down the evolving macro environment marked by waning Fed independence, shifting capital flows, and a weakening U.S. dollar. He explains how tariff shocks, long-end bond dynamics, and geopolitical tensions are reshaping global investment behavior and challenging the traditional safe-haven role of U.S. assets. Jens also outlines the structural phases of de-dollarization, central bank reserve diversification, and how these factors may signal a long-term dollar downtrend. Enjoy! -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. Go to app.katana.network to check it out. -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice. Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Jens: https://x.com/jnordvig Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance -- Timestamps: (0:00) Introduction (3:21) Unpacking the Current Regime (7:43) US Macro Overview (8:18) Ads (Katana & Eigen) (9:15) US Macro Overview (13:44) FX & Dollar Hedging (18:55) Tariff Impact on Capital Flows (24:55) Diversifying Central Bank Reserves (28:56) What’s Holding Up the Dollar? (29:38) Ads (Katana & Eigen) (31:12) What’s Holding Up the Dollar? (36:02) Un-anchoring Inflation Expectations (41:04) Bond Yields, Fiscal & the Fed (48:10) US Growth & Investment (50:03) Fed Cut Expectations (51:58) Tariff Threat Overstated? -- Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.