MacroDigest

Macro Podcasts

Episodes

75 retained episodes.

Showing 1-30 of 75.

51 Insights

Original-language Markets report

Hey, it’s Marc. Twenty-one firms committed to a stablecoin venture before disclosing its ownership, reserves or chain. Robinhood put $34.6B through its own network without disclosing what the company earns from it. Both moves reveal the week’s real bet: defend the customer relationship first, prove the margin later. The economics are still being written. 📚 Boardroom Reads * FSB Chair’s letter to G20 finance ministers (FSB, Aug 31). Frontier AI can change the speed, scale and economics of financial cyber risk. * Pushing the monetary frontier (BIS, Aug 28). The official case for tokenized deposits as the wholesale core, with stablecoins in specialized roles. * Jackson Hole: Exploring the Financial Frontier (New York Fed, Sep 3). A framework for judging payment innovation by intermediation, competition and the public risk it creates. * Tokenization Snapshot 2026 (Centrifuge, Sep 2). A char

Bloomberg Surveillance

Original-language Growth report

US job growth surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought. Nonfarm payrolls increased 162,000 last month and July’s job losses were revised away, according to Bureau of Labor Statistics data out Friday. The August increase topped all estimates in a Bloomberg survey. The unemployment rate remained at 4.1%. Bloomberg's Tom Keene and Damian Sassower get reaction from: Claudia Sahm, Chief Economist at New Century Advisors, brings us into the jobs report Amy Wu Silverman, Head: Derivatives Strategy at RBC, reacts to today's jobs report Kristina Campmany, Senior Portfolio Manager at Invesco, talks about the bond market's reaction to jobs See for privacy information.

Macro Hive

Original-language Monetary Policy report

Dominique Dwor- Frecaut is the Chief US economist and macro strategist for Macro Hive and is based in Los Angeles. Before that, she worked at various hedge funds, including Bridgewater. Prior to the buy side, she worked at the New York Fed, IMF, and the World Bank. She holds a PhD in Economics from the London School of Economics. In this podcast, we discuss: The "Low-Hire, Low-Fire" Labour Puzzle The Imported AI Capex Illusion Chips as the New Oil Supply Shock The K-Shaped Consumer & GFC-Level Delinquency The Fragile Savings Rate Cushion The Return of FOMC Dissension The Waller Swing Vote & the 2026 Rate Path The 2027 AI De-escalation Surprise

Bloomberg Surveillance

Original-language Growth report

The latest in finance, economics and investment. Watch Tom and Paul LIVE every day on YouTube:. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyThursday, September 3rd, 2026 Featuring: 1) Michael Darda, Chief Economist at Roth Capital Partners, on nominal GDP and the US eco outlook ahead of this week's jobs report. 2) Scott Chronert, Head: US Equity Strategy at Citi, on his S&P call and a potentially late year equity rally. 3) Loren Moran, Portfolio Manager at Wellington, talks whether bonds have priced in enough risk. 4) David Bahnsen, CIO at the Bahnsen Group, on dividend growth offsetting inflation and what to expect from Chair Warsh post-Jackson Hole. See for privacy information.

Odd Lots

What's Behind the Big Surge in US Government Bond Yields

Global bond yields are at their highest level since 2008, with the 30-year US Treasury touching 5% just before Treasury Secretary Scott Bessent announced a surprise increase of his department's bond buyback program and Fed Chairman Kevin Warsh made his hawkish speech at Jackson Hole. So what's driving yields higher? And what options do policymakers have to bring them down? In this episode we speak with Stanford Professor Darrell Duffie, who's been researching bonds for years, including presenting a paper at Jackson Hole in 2023 about how to fix the US Treasury market. A lot has changed since then, and at this year's Jackson Hole symposium, we caught up with Duffie to talk about everything going on in the bond market, as well as the challenge of shrinking the Fed's balance sheet. Get tickets to see Odd Lots live in LA! See for privacy information.

Newshour

Iran and US trade strikes in the Gulf

Iran and the US trade strikes in the most intense round of attacks in weeks. Iran says the US struck a wedding party killing four people including children, and retaliates with strikes on US bases in the Gulf. The US responded by denying it attacks civilians. Also in the programme: we speak to a friend of Joshua Wong, the face of Hong Kong's pro-democracy movement, who has just pleaded guilty to foreign collusion; and in football, the English Premier League transfer window breaks another spending record. (IMAGE: A view of the destroyed remains of a building which was hosting a wedding ceremony following a US airstrike, in the city of Sirak, Bandar Abbas province, southern Iran, 02 September 2026. The Iranian Red Crescent says four people, including a child, were killed when shrapnel from a US missile hit the building / CREDIT: Handout picture made available by the Iranian Red Crescent So

Forward Guidance

Original-language Markets report

The 60/40 portfolio was built for an old regime, but what replaces bonds when fiscal dominance and currency debasement become structural? This week, Bitwise CIO Matt Hougan and Proficio CIO Bob Haber join the show to explore how hard assets fit into modern portfolio construction. We discuss how Bitcoin and gold, bond-market risk, fiscal dominance, precious metals, and the Fed’s shrinking influence come together to shape a new investing regime. Enjoy! TIMESTAMPS: 00:00 Intro 04:38 Is The 60/40 Portfolio Broken? 10:23 From QE To Fiscal Dominance 12:45 Is Bitcoin Digital Gold Again? 18:30 Sizing Bitcoin And Gold 23:59 Why Gold Miners Look Attractive 27:56 The Opportunity In Silver 29:53 Will Central Banks Buy Bitcoin? 32:24 Who Buys $12T Of Treasuries? 36:28 Can AI Solve The Debt Problem? 41:01 Are Bond Investors The Patsy? FOLLOW GUESTS › Matt – › Bitwise – › Bob/Proficio – FOLLOW THE SHOW

Odd Lots

Original-language Markets report

Kevin Warsh gave a hawkish speech at this year's annual Kansas City Fed Symposium in Jackson Hole, but that doesn't mean the challenges are over. Will the Fed actually pull the trigger on rate hikes? What happens if the central bank doesn't act quickly enough to curb inflation? And how exactly will the new chair want to leave his mark on the Fed? In this episode, we speak with Adam Posen, president of the Peterson Institute for International Economics, who gives us his take on the direction of monetary policy and he grades Warsh's speech. We also discuss why high inflation in the US is different than the inflation seen in other countries, how the Treasury's wading into the bond market affects Fed independence, which of the Fed task forces might be the most impactful, the "messy jobs" theory of AI, and what Warsh really means when he says he wants the FOMC to have a “good family fig

Geopolitics Decanted

The Miracle Is Over: Inside China's Slow-Motion Economic Decay

China's boom ran on the largest credit expansion ever recorded — roughly a third of global GDP in eight years. Rhodium Group's Logan Wright, who spent fourteen years tracking the financial plumbing from Beijing and Hong Kong, argues that engine has been shutting down since 2018 and the economy behind the headline numbers is growing at 1.5–2%, not 5%. China peaked at 18.5% of global GDP in 2021 and has been sliding ever since. The US has quietly outgrown it every year since. Wright and host Dmitri Alperovitch talk through why PPP flatters an economy suffering from deflation, why $52 trillion of RMB penned behind capital controls makes outflows inevitable, and why the widely-cited pivot from property to EVs, batteries and AI doesn't survive contact with the data. Rhodium tracks industrial land sales and local-government revenue bonds: strategic industries went from 2% to 6% of issuance whi

Macro Musings

Original-language Monetary Policy report

Donald Kohn is a 40-year veteran of the Federal Reserve System and a senior fellow in the Economic Studies program at the Brookings Institution. Don returns to the program to discuss the lessons of the Greenspan Fed, how Kevin Warsh should think about communication and forward guidance, why inflation remains a concern, the Fed's new task forces, the future of its monetary policy tools, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on July 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:25 - Working with Paul Volcker 00:08:22 - Working with Alan Greenspan 00:22:11 - The Kevin Warsh Fed 00:31:21 - Fighting Inflation 00:43:

Odd Lots

Original-language Monetary Policy report

The implications of Fed Chair Kevin Warsh's Jackson Hole speech are pretty clear: Traders expect a rate hike given the hawkish hints littered in his address, largely focused on inflation. There are still a number of open questions and Warsh's lack of forward guidance does not exactly lend clarity to how the Fed will act in the coming months. Today, we recap the speech — in a conversation recorded from the Lodge at Jackson Hole — with Richmond Federal Reserve Bank President Tom Barkin and he explains why his thinking around the Fed's communication policy is changing, and he gets into what is still useful about things like the dot plot. He also tells us what he's hearing at Chamber of Commerce meetings about the impact of AI on local communities, how businesses are using their tariff refund checks, and whether the Fed will have to start paying attention to the economic effects

Patrick Boyle On Finance

Scott Bessent Is at War With Prices — and Prices Are Winning!

Treasury Secretary Scott Bessent is trying to force down US Treasury yields with surprise bond buybacks — and it isn't working. In this video we break down Bessent's activist debt management strategy, why doubling the Treasury's long-dated buybacks is a bet on falling interest rates funded by short-term bills, and why his old boss Stanley Druckenmiller publicly tore the plan apart in a Wall Street Journal op-ed ("Let the Bond Market Speak"). We look at the collision with new Federal Reserve Chair Kevin Warsh after Jackson Hole, the 50% tariffs on Canada and the Mark Carney feud, "Operation Economic Outcast" and the secondary-sanctions problem with China and Iranian oil, the GENIUS Act and crypto's role in sanctions evasion, and Stephen Miran's case for the defense. The through-line: you can't trade around arithmetic. When a government goes to war with market prices, the bond market has a

All-In

Original-language Markets report

(0:00) Bestie intros: Recapping recent interviews and the state of American science (3:31) China's Robot Olympics, Optimus update, Grok Bot (9:05) Nvidia and Salesforce rip after big earnings: AI Capex Bubble and SaaSpocalypse narratives get reversed (33:32) Bessent gets called out by Druckenmiller for bond market interference (1:01:33) AI writing controversy: Druck used AI to write his WSJ Op-ed (1:15:00) CIA Chief visits Moscow, Meta's settlement and new teen rules (1:22:52) Science Corner: Moderna's mRNA cancer vaccine Come hang with the Besties at the All-In Summit | September 13-15: Follow the besties: Follow on X: Follow on Instagram: Follow on TikTok: Follow on LinkedIn: Intro Music Credit: Intro Video Credit: Referenced in the show

The Economics Show

Original-language Monetary Policy report

Federal Reserve chair Kevin Warsh took to the stage at Jackson Hole under pressure. Inflation is sticky, bond markets have been wobbling and his insistence on minimal Fed communication has been seen by some to make matters worse. Soumaya speaks to Torsten Slok, chief economist at Apollo Global Management, to discuss what Warsh did (and didn’t say), the changing relationship between the Fed and the Treasury and how the central bank should fight America’s growing fiscal issues. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Join Soumaya Keynes on Saturday September 5 at Kenwood House Gardens in London, or online as the FT Weekend paper comes to life. Register now at and enjoy 10% off with code FTPODCAST. Further reading: Hawkish Kevin Warsh hints Fed will raise rates if inflation does not fall soon Warsh settles some nerves at Jackson Hole Scott Bessent

51 Insights

Original-language Markets report

Hey, it’s Marc, I keep coming back to one uncomfortable thought from this week: Friction may be one of banking’s most valuable assets. Banks make money because deposits sit still. Now 3,283 banks want to mak e those deposits programmable, while AI is getting good enough to manage money without us. The Dallas Fed ran the numbers: make deposits just 1 0% more rate-sensitive and banks could lose roughly $700 billion of capacity to hold long-term assets. That’s the paradox nobody talks about. We’re building the fastest financial system in history on top of a banking model that depends on money moving slowly. And this week, both sides accelerated. In today’s issue: * bitcoin clears $80K after its best week since March 2023, * Nvidia prints a $96B quarter, state bankers associations draft a blockchain for their 3,283 member banks, * and the Trump family’s planned crypto trust bank reveals a 49

Odd Lots

Austan Goolsbee Is Worried the Economy Is Overheating

Inflation remains high and the 2% target is farther away than it was this time last year. There are signs all over that the economy is overheating — the strange labor market where hiring and firing remains low, while GDP is growing, but mostly due to AI and the data center buildout — and Chicago Fed President Austan Goolsbee is worried about how uncertain central bankers are about what to do to cool the economy. The next shock, he tells us, could be around the corner. In this conversation, recorded at the Jackson Hole Economic Symposium, Goolsbee explains why he is skeptical of metrics like r*, why he is embracing Kevin Warsh's philosophy around reducing forward guidance, the purpose of the new Fed task forces, and the economic indicators that influence his thinking around reaction function. See for privacy information.

Macro Hive

Ep. 373: Jon Turek on the 'Owl' Fed, the US Treasury's Bond Buybacks, and AI Capex Durability

Jon Turek is the founder and CEO of JST Advisors, a hedge fund advisory service that publishes a weekly research note with global macro trade ideas. JST Advisors works closely with hedge funds on developing asymmetric macro trade ideas and market themes. Outside of JST Advisors, Jon worked as a portfolio manager at Brevan Howard and as an analyst at Moore Capital. In this podcast, we discuss: The Substack Divide of Equities vs. Macro The Buy-Side Paradox of PM Asymmetry and Pod Reality The "Owl" Fed and Political Optimisation over Conviction The Trillion-Dollar AI Fiscal Program The Death of the 2010s Savings Glut Treasury Buybacks and "Whack-A-Mole" Markets Europe's Impending China Tariff Shock The Simmering Geopolitical In-Between for Oil

Odd Lots

Kansas City Fed President Jeffrey Schmid on the First Jackson Hole of the Warsh Era

We are back in Jackson Hole! And this year's Federal Reserve Bank of Kansas City symposium on monetary policy might be one of the most interesting editions in years. It marks the first under new Fed Chairman Kevin Warsh, and Fed observers all over the world will be closely watching his Friday speech for signs of how he might further distinguish himself, and the institution he is in charge of, from the Jerome Powell era. This meeting at Jackson Hole also comes at a fascinating, and pretty tense, time for monetary policy in the US and abroad: high bond yields, above-target inflation, and AI's still unrealized effect on broader parts of the economy like the job market. As we have in the past, we speak with Jeffrey Schmid, the president and CEO of the Kansas City Fed, about what to expect and he also shares his thoughts on the wave of baby boomer retirements and how it's affecting the labor

Forward Guidance

Original-language Markets report

The macro establishment is turning on itself as Stan Druckenmiller challenges Scott Bessent’s efforts to suppress long-term Treasury yields. This week, we unpack the Druck-Bessent clash and what it reveals about fiscal policy, Fed independence, and market intervention. We also preview Warsh's Jackson Hole speech this week, potential bond-market manipulation, AI bubble risks, and whether the debasement trade is here to stay. Enjoy! TIMESTAMPS: 00:00 Intro 02:43 Druckenmiller Calls Out Bessent 05:51 Is Druck Actually Helping Bessent? 08:42 Druck’s AI-Written Op-Ed 13:50 Treasury Escalates Bond Buybacks? 16:05 Why Yield Suppression Fuels Debasement 19:52 Ads (TOKEN2049, DAS Asia, Avalanche Summit) 21:28 Jackson Hole And Warsh’s Dilemma 27:20 America’s Term-Premium Problem 30:43 Anthropic And The AI Bubble 37:48 AI Repeats Crypto’s 2021 Playbook 42:48 Will The Government Bail Out AI? 47:03 T

Bloomberg Surveillance

Reacting to PCE and Market Look Ahead

The latest in finance, economics and investment. Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney Wednesday, August 26th, 2026 Featuring: 1) Vishal Khanduja, Head of Broad Markets Fixed Income at Morgan Stanley Investment Management, Michael Ball, Macro Strategist with Bloomberg News, Jess Menton, Deputy Team Lead: Equities with Bloomberg News, react to PCE 2) Tobin Marcus, US Policy Analyst at Wolfe Research, talks economic D-Day and looking ahead to the midterms 3) Ben Cook, Portfolio Manager at Hennessy Energy Transition Fund as well as the Hennessy Midstream Fund, talks about the latest move downward in oil amid stalled Iran talks. 4) Dan Tannebaum, Global Anti-Financial Crime Practice Leader at Oliver Wyman, discusses Scott Bessent and why he's skeptical of economic D-Day. See for privacy information.

Newshour

China to protect its interests in wake of US Iran sanctions

China has vowed to protect its interests after the US announced plans to widen economic sanctions against Iran and its trading partners, which include Beijing. Will China scupper the squeeze on Iran? Also in the programme: the UN and Red Cross call for urgent new laws to police fully autonomous weapons, an at-home test kit for cervical cancer. and can Australia keep AI out of music? (Photo: US Treasury Secretary Scott Bessent during a press conference to outline further sanctions against Iran,in Washington DC on 24 August 2026. Credit: Evelyn Hockstein/Reuters)

Bloomberg Surveillance

US Bond Yields, Kevin Warsh, and Nvidia Preview

The latest in finance, economics and investment. Watch Tom and Paul LIVE every day on YouTube:. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMonday, August 24th, 2026 Featuring: 1) Kelsey Berro, Executive Director: Fixed Income at JPMorgan Asset Management, joins to discuss 30-year yields and Scott Bessent's quagmire. 2) Sarah House, Senior Economist at Wells Fargo, talks about the tax refund dry up and previews Kevin Warsh's first Jackson Hole. 3) Dan Ives, Parnter at Yorkville & Ives, previews Nvidia earnings and other tech headlines. 4) Suzy Welch, Professor of Management Practice at NYU, talks about the employment market for college students and recent grads, career advice, and the curriculum conundrum. See for privacy information.

Newshour

Iran’s currency hits an all-time low against the US dollar

Iran’s currency, the rial, has hit a record low, trading at over 2 million rials to the dollar on unofficial markets. The devaluation comes a day before the United States is due to impose what US Treasury Secretary Scott Bessant described as “the toughest sanctions in history” on Tehran. Iran was struggling financially even before the start of its ongoing conflict with the US and Israel, nearly six months ago. Also in the programme: Ukrainian President Volodymyr Zelensky warns against holding wartime elections, following repeated calls from his sacked defence minister to hold a nationwide vote; Syria’s foreign minister says he expects peace talks with Israel to resume soon; and we hear from the director of London’s Natural History Museum, where a gallery which has remained hidden from view since World War Two is about to reopen. (Photo: Iranian woman buys vegetables at a street market in

Newshour

Canada to impose retaliatory tariffs on US

Canada's prime minister, Mark Carney, has confirmed he'll impose retaliatory tariffs on the United States next month, saying trade talks collapsed because Washington made unacceptable demands. Also on the programme, the editor-in-chief and a reporter from the US military newspaper Stars and Stripes have been fired for 'insubordination', South Korea's first container ship to trial the much shorter and safer route to Europe via the Arctic has begun its journey, and a look at the event dubbed the "Robot Olympics". Canada’s Prime Minister Mark Carney speaks with the news media after he suspended trade negotiations with the United States, in Ottawa, Ontario, Canada August 22, 2026. REUTERS/Chris Tanouye

GoodFellows

Endless Summer: Iran, Woke Two?, and the George Costanza Theory of War

On the latest GoodFellows: Is economic strangulation the key to achieving Iranian cooperation, or another misstep in the Persian Gulf? Is a sequel to “Woke 1” in the works? And does playing the race card in the aftermath of a former Cambridge University professor's suicide make his death even more tragic – and distract from another tragedy: declining academic tragedy? Subscribe to GoodFellows for clarity on today’s biggest social, economic, and geostrategic shifts — only on GoodFellows.

Macro Musings

Gianluca Benigno on Central Bank Balance Sheets, Stablecoins, and Nonlinear Inflation

Gianluca Benigno is a professor of economics at the University of Lausanne. Previously, he was a senior economist at the Federal Reserve Bank of New York and an economist at the Bank of England. Gianluca returns to the program to discuss financial r-star, the changing landscape of central bank balance sheets, the unique challenges facing the Swiss National Bank, how stablecoins could affect Treasury markets and the demand for reserves, the return of nonlinear inflation, its implications for monetary policy, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Gianluca Benigno on X: @BenignoGianluca Follow the show on X: @Macro_Musings Check out our Macro Musings merch!

The Gwart Show

The Next Marginal Buyer of Bitcoin w/ Lyn Alden

Timestamps: 00:00 Start 00:34 ColdCard hack 04:06 Future of Self Custody 11:14 ETF margin is easier 16:19 Stablecoins 23:16 Strategy 26:49 Strategy's game plan 29:28 Treasury companies are cooked 33:20 Strategy: when BTC becomes money 40:12 Orange Juice 44:38 Orange Juice plan 47:06 Investable verticals 51:30 Where' the new Bitcoin buyer? 56:42 BTC as store of value?

All-In

Google's AI Brain Drain, SpaceX's Huge Quarter, Airtable's 90% Collapse, US Data Fuels China AI

(0:00) Bestie intros! Brad Gerstner fills in for Chamath (2:16) Major shakeups at Google: AI brain drain or better strategy? (20:39) SpaceX's big quarter: Terafab, AI Capex, $1T revenue projection? (45:44) All-In Summit Speaker Announcements! (48:01) Airtable sells for a 90% discount: SaaSpocalypse? (1:05:56) Chinese AI labs are buying US training data to catch up Apply for Summit 2026: Follow Brad: Follow the besties: Follow on X: Follow on Instagram: Follow on TikTok: Follow on LinkedIn: Intro Music Credit: Intro Video Credit: Referenced in the show

Bloomberg Economics

Instant Reaction: Employers Unexpectedly Shed Jobs; Unemployment Rate Falls

US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labor market is weaker than previously thought after surprising strength earlier this year. Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed Friday. The unemployment rate fell to 4.1% as labor force participation continued to slide, and wage growth slowed. Bloomberg's Tom Keene and Damian Sassower break down the numbers with: Claudia Sahm, Chief Economist at New Century Advisors Constance Hunter, Chief Economist at EIU Kristina Campmany, Senior Portfolio Manager at Invesco Andrew Hollenhorst, Chief US Economist at Citi Stephanie Roth, Wolfe Research Chief Economist See omnystudio.com/listener for privacy information.

Tracked series

23 active series.