Forward Guidance

• The Strong Data Is A Mirage | Weekly Roundup

  This week, we discuss the strong jobs report and why next month is the time to look for weakness, the tariff strategy and how it’s bleeding into economic data, and people missing the forest for the trees in the Trump agenda. We also delve into the Treasury QRA, measuring Treasury market stress and why an intervention right now is a political decision, navigating bear market rallies, and more. Enjoy! — Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.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.me/+CAoZQpC-i6BjYTEx — Weekly Roundup Charts: https://drive.google.com/file/d/1NMv_qEEEV88_9ZH8epVSdwfpuv8jUgFn/view?usp=sharing — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv — Blockdaemon is the gateway to the decentralized economy, securing over $110B in digital assets for 400+ institutions with blockchain nodes, APIs, MPC wallets and vaults, and staking solutions. Learn more: www.blockdaemon.com At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ — Timestamps: (00:00) Introduction (02:40) NFP & Labor Market (10:31) Ads (Blockdaemon, Ondo) (11:26) Tariffs & Economic Data (17:38) Tariff Strategy (19:59) Unpacking the Trump Agenda (31:21) Ads (Blockdaemon, Ondo) (32:38) Treasury QRA & Buybacks (38:18) Treasury Market Stress & Demand (44:52) Market Structure & Bear Market Rallies (51:41) Risk Exposure is a Spectrum (53:47) MSTR Outlook — 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.

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• Tariffs Are Reversing U.S Dollar Capital Flows | Bob Elliott

  In this episode, Bob Elliott joins the show to discuss the reversal of U.S Dollar capital flows after the announcement of Trump's tariffs. We deep dive into the U.S balance of payments problem, the changing economic order, why the U.S Dollar continues to get sold & how to structure a portfolio in this environment. Enjoy! -- Follow Bob: https://x.com/BobEUnlimited 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.me/+CAoZQpC-i6BjYTEx -- Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv -- At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ -- 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 https://Ledger.com. -- Timestamps: (00:00) Introduction (01:41) The Changing U.S Economic Order (07:56) The Reversal Of U.S Dollar Capital Flows (12:38) Ads (Ondo, Ledger) (13:47) Why Did The U.S Outperform Pre-2025? (18:05) Trump Tariffs = A Weaker Dollar, Assets & Growth (23:45) Is The U.S In A Balance Of Payments Crisis? (28:41) What Is The Bond Market Signaling? (32:28) Ads (Ondo, Ledger) (33:44) The End Of U.S Exceptionalism (41:10) A New Regime For Markets? (43:35) The U.S Economic Supply Shock (47:03) Structuring Alpha vs Beta Portfolios -- 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.

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• Inflation Expectations Are Already Unanchored | Weekly Roundup

  This week, Danny Dayan joins the show to discuss his “Doom Loop” of factors weakening the dollar and increasing inflation, why inflation expectations are unanchored, and the importance of remaining nimble in fast-moving markets. We also delve into how we’re seeing equities, rate cuts, and bonds through 2025, whether the Fed can rescue growth, why the inflation problem is worse than the growth problem and more. Enjoy! — Follow Danny: https://x.com/DannyDayan5 Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.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.me/+CAoZQpC-i6BjYTEx — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv — At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ — Timestamps: (00:00) Introduction (02:40) Beware the Doom Loop (13:21) Ondo Ad (13:48) Dollar Weakness or Normalization? (16:15) Dollar & Bonds (23:13) Hard Data & The Doom Loop (25:06) Real Rates & Inflation (31:48) Ondo Ad (32:17) Inflation Expectations Are Unanchored (38:13) Trading The Current Regime (47:24) Gold Market (49:18) Having Perspective In Fast-Moving Markets (55:06) Can the Fed Rescue Growth? (59:32) Inflation is the Bigger Problem (09:30) What Will the Fed Do? — 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.

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  1:16:19
• The System Is Too Levered To Take Real Pain | Arthur Hayes

  In this episode, Arthur Hayes joins the show to discuss Trump’s slew of concessions sending markets higher, the evolving US-China strategy, and Bitcoin decoupling from US assets as tariffs reduce the US capital account surplus. We also delve into Treasury buybacks, the Fed & SLR exemption, potential catalysts that would trigger QE, and more. Enjoy! __ Follow Arthur: https://x.com/CryptoHayes 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.me/+CAoZQpC-i6BjYTEx — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv __ At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ 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 https://Ledger.com. — Timestamps: (00:00) Introduction (01:47) Trump Agenda & Concessions (07:06) Tariffs & US-China Strategy (13:39) Ads (Ondo, Ledger) (14:50) Bitcoin Decoupling & Changing Trade Flows (19:33) Fiscal Levers & Global Liquidity (25:26) Treasury Buybacks (30:49) Ads (Ondo, Ledger) (32:04) Powell & The Fed (34:43) SLR & Big Banks (37:30) What Would Trigger QE? (41:55) Structural Bid In Gold __ 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.

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  47:11
• US Assets Are Dead Money Without A Policy Shift | Weekly Roundup

  This week, we discuss Powell’s hawkish speech, how to think about trading tariffs and the weaponization of the US account deficit, and whether we should expect a significant growth slowdown. We also delve into rate cuts & the yield curve, why Bitcoin is the trade after the trade, and more. Enjoy! — Follow Capital Flows: https://x.com/Globalflows Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.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.me/+CAoZQpC-i6BjYTEx — Weekly Roundup Charts: https://drive.google.com/file/d/1hLnf2szLRxPcUkIJwPyj34UbhHadON69/view?usp=sharing — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv — At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ — Timestamps: (00:00) Introduction (01:45) Recent Fed Remarks (06:26) Macro View and Tariff Trades (16:27) Ondo Ad (16:52) Market Positioning and Growth Slowdown (27:30) Debating Growth & the Yield Curve (35:30) Ondo Ad (36:01) Debating Growth & the Yield Curve (Con't) (36:59) Equities & Government Spending (41:44) Bitcoin: The Trade After the Trade — 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.

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