Unchained
The Bond Market Is the Boss Now: Bits + Bips
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Kevin Warsh wants a smaller Fed balance sheet and fewer dot plots. Noelle Acheson says the bond market won't let him have either. Here's what she expects instead.
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Bond yields are climbing globally while stock markets push higher on AI optimism — and Noelle Acheson, author of the Crypto Is Macro Now newsletter, argues the divergence is not a contradiction but a warning. In her read, inflation was building before the Hormuz crisis, the BLISS trade has permanently replaced the TACO trade as the structural put under markets, and Kevin Warsh is walking into a Fed that the bond market controls more than he does. She also flags a contrarian indicator nobody is talking about: the gap between the cap-weighted S&P 500 and the equal-weight index is widening at a pace last seen in 1999.
Host:
Steve Ehrlich, Head of Research at SharpLink and Host of Bits + Bips: The Interview - https://x.com/Steven_Ehrlich
Guest:
Noelle Acheson | Author, Crypto Is Macro Now newsletter
Timestamps
📈 00:02:00 — Why the bond market is flashing fear while stocks party on
📊 00:04:30 — The inflation signals nobody's watching, and why Hormuz relief won't save us
💬 00:09:00 — The "BLISS trade" explained, and which market breaks first
🤖 00:12:30 — The AI stock bubble question Wall Street refuses to ask
🏛️ 00:19:00 — The Fed chair's real legacy: independence hero or inflation villain? 🔑 00:24:30 — What the incoming Fed chair actually can and can't do
📉 00:27:30 — The hawkish FOMC split the official vote tried to hide
₿ 00:31:00 — Bitcoin's identity crisis: debasement hedge or just high-beta risk?
⚖️ 00:34:00 — Will the CLARITY Act pass, and does crypto even need it anymore? 🔬 00:38:30 — The tokenization loophole that could break how markets work
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