In this episode, Joseph Wang joins the show to discuss the latest Fed decision, its December economic projections, and what to expect from markets going into 2025. We also delve into why he expects way more than two rate cuts next year, why he’s bearish on US equities in 2025, and much more. Enjoy!

__

Follow Joseph Wang: https://x.com/FedGuy12

Follow Felix: https://x.com/fejau_inc

Follow Forward Guidance: https://twitter.com/ForwardGuidance

Follow Blockworks: https://twitter.com/Blockworks_

Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance

Forward Guidance Telegram: https://t.co/G7Ljv4x5Dp

__

SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 46 Million users over $9 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork

Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world’s crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on Ledger.com.

Meet Kraken Institutional. Whether you're an asset allocator, a trading firm or high net worth individual, Kraken Institutional unlocks the powerful tools you and your organization need to trade and manage crypto — at scale. Reliable, easy to integrate, with white-glove service and 24/7 support. Get in touch today at https://blckwrks.co/Kraken

—

Join us at Digital Asset Summit 2025 March 18th - 20th. Use code FG10 for 10% off general admission!

https://blockworks.co/event/digital-asset-summit-2025-new-york

—

Timestamps:

(00:00) Introduction

(02:44) Hawkish FOMC Conference

(06:21) Immigration Impact

(09:50) 2025 Surprises

(12:34) Trump, Trade, & Tariffs

(15:01) What Is The Fed Thinking?

(20:25) Peak Hawkishness

(21:59) Long-Term Rates

(23:25) SEP As A Psychological Tool

(25:34) Ads

(27:27) Fed Surveys & Politics

(29:15) The Neutral Rate

(31:13) How The Fed Gauges Restrictiveness

(32:57) Reverse Repo

(38:38) Treasury Coupon Issuance

(40:25) Equities & The Dollar

(44:01) Gold & Crypto

(45:54) Long Bonds, Commodities, & Inflation

(50:28) Main Takeaways

__

Disclaimer: 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.

Get the future of podcasts.