The BLISS Trade Replaces Trump’s TACO, Kevin Warsh, and Why Inflation Isn't Going Away: Bits + Bips

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.

🔥 EPISODE LINK 🔥
https://unchainedcrypto.com/bits-bips/the-bond-market-is-the-boss-now-bits-bips

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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.

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Host:
⭐️ Steve Ehrlich - Host, Bits + Bips: The Interview | Head of Research, Sharplink - https://x.com/uSteven_Ehrlich

Guest:
⭐️ Noelle Acheson - Author, Crypto Is Macro Now newsletter - https://x.com/NoelleinMadrid

Timestamps:
📈 02:00 Why the bond market is flashing fear while stocks party on
📊 04:30 The inflation signals nobody's watching, and why Hormuz relief won't save us
💬 09:00 The "BLISS trade" explained, and which market breaks first
🤖 12:30 The AI stock bubble question Wall Street refuses to ask
🔵17:05 Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained
🏛️ 19:00 The Fed chair's real legacy: independence hero or inflation villain?
🔑 24:30 What the incoming Fed chair actually can and can't do
📉 27:30 The hawkish FOMC split the official vote tried to hide
₿ 31:00 Bitcoin's identity crisis: debasement hedge or just high-beta risk?
⚖️34:00 Will the CLARITY Act pass, and does crypto even need it anymore?
🔬38:30 The tokenization loophole that could break how markets work

Видео The BLISS Trade Replaces Trump’s TACO, Kevin Warsh, and Why Inflation Isn't Going Away: Bits + Bips канала Unchained