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Use code JACK250 to get $250 off tickets to Blockworks\u2019 New York Digital Asset Summit: https://blockworks.co/events/digital-asset-summit-2022-new-york/\n\nUse code GUIDANCE250 to get $250 off tickets to Blockworks\u2019 London Digital Asset Summit: https://blockworks.co/events/digital-asset-summit-2022-london/\n--\nWith the summer rally in risk assets two weeks in the rear view mirror, Jack welcomes two experts on the plumbing of the monetary system, former senior Fed trader Joseph Wang and Daniel Neilson, economist and author of \u201cMinsky\u201d and writer of the \u201cSoon Parted\u201d newsletter. Neilson and Wang exchange views on just how high the Federal Reserve will hike rates in order to tame inflation, with Wang calling Fed chair Powell\u2019s speech at Jackson Hole a \u201cgreat performance.\u201d\n\nNeilson shares insights on the changing size and composition of the European Central Bank\u2019s balance sheet, and then he proceeds to teach Jack about what the relative levels of various \u201crepo\u201d rates indicates about the supply and demand for Treasury collateral. Lastly, Neilson shares his views on government crackdown of crypto mixer Tornado Cash. Daniel H. Neilson is the principal of Neilson Macro Advisors and author of Minsky from Polity Books, and his newsletter is called Soon Parted.\n\nFilmed on August 31, 2022.\n--\nLink to Daniel Neilson\u2019s piece on the balance sheet of the European Central Bank (ECB): https://www.soonparted.co/p/defrag\nLink to Daniel Neilson\u2019s piece on Tornado Cash: https://www.soonparted.co/p/tornado-cash\n\nFollow Daniel Neilson on Twitter https://twitter.com/dhneilson\nFollow Joseph Wang on Twitter https://twitter.com/FedGuy12\nJoseph Wang\u2019s writings can be found here: https://fedguy.com/\nDaniel Neilson\u2019s writings can be found here: https://www.soonparted.co/\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(00:30) Analysis of Powell's Remarks at Jackson Hole\n(09:54) Inflation Expectations\n(17:17) Just How Far Behind The Curve Is The European Central Bank (ECB)?\n(29:38) Plumbing Of The Repo System (Warning: Very Advanced)\n(49:37) Tornado Cash\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.