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b'Use code GUIDANCE250 to get $250 off tickets to Blockworks\\u2019 London Digital Asset Summit: https://blockworks.co/events/digital-asset-summit-2022-london/\\n--\\nToday Jack welcomes Andy Constan, macro investor and publisher of The Damped Spring Report, and Joseph Wang, former senior Fed trader and author of Fedguy.com, to discuss how the Fed\\u2019s reduction of its balance sheet via quantitative tightening (QT) is impacting market liquidity and future returns.\\nConstan argues that favorable market conditions that allowed risk assets to rise during the summer are no longer present, and that this \\u201cfalse dawn\\u201d is over. Wang argues that QT will drain the banking system of reserves and the Fed may have to plug \\u201cleaks\\u201d in the financial plumbing.\\nFilmed on September 7, 2022.\\n--\\nFollow Andy Constan on Twitter https://twitter.com/dampedspring\\nFollow Joseph Wang on Twitter https://twitter.com/FedGuy12\\nFollow Jack Farley on Twitter: https://twitter.com/JackFarley96\\nFollow Blockworks on Twitter: https://twitter.com/Blockworks_\\n__\\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/\\n--\\n(00:00) Introduction\\n(00:44) Quantitative Tightening\'s (QT) Impact on Markets\\n(10:38) Equity & Bond Market Flows Over The Past Few Months\\n(15:46) Volatility (Vol) Targeting\\n(24:18) Equity Risk Premium Model\\n(32:13) The "False Dawn" In Asset Prices\\n(38:28) Joseph Wang on Treasury Issuance\\n(43:58) Joseph on "The Reserve Gap"\\n(53:50) The Fed\'s Ample Reserve Regime\\n(57:11) Andy Constan\'s Outlook on Bonds\\n(1:02:02) How Far Can The Fed Go In Hiking Rates?\\n--\\n\\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.'