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

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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 ============================================================================= Thank you to our sponsor! 👉 Coinbase: Get 20% off the first year of your Coinbase One annual plan at - https://coinbase.com/unchained ============================================================================= If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ======================================================================== 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: ⭐️ 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