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.
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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.

Host:
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 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Steve Ehrlich, Head of Research at SharpLink and Host of Bits + Bips: The Interview - https://x.com/Steven_Ehrlich
</li>
</ul>
Guest:
<ul>
 <li>
<a href="https://x.com/ramahluwalia">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>Noelle Acheson | Author, Crypto Is Macro Now newsletter
</li>
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