Danny Dayan: Reacceleration Risk Threatens Bond Market, Demographics In U.S. Are Inflationary (Not Deflationary)

This week, we're back with another weekly roundup to discuss the unwinding of the U.S Dollar & it's impact on markets. We deep dive into this weeks economic data, rising geopolitical conflict, the global fiscal supercycle & more. Enjoy! — Follow Quinn: https://x.com/qthomp Follow Tyler: https://x.com/Tyler_Neville_ Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv — Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$270M in aBTC minted. https://www.echo-protocol.xyz/ -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. -- Timestamps: (00:00) Introduction (04:10) The Market Is Fading Geopolitical Conflict (11:42) Ads (Aptos, Arkham) (12:52) Takeaways From Economic Data (16:33) The U.S Debt Refinancing Cycle (21:42) How To Stop The Long End Sell-Off (29:08) The Unwinding Of The U.S. Dollar Trade (35:13) The Weimarification Of U.S Markets (38:19) The Global Fiscal Supercycle (41:02) Will A.I Bail Us Out? -- Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, Robert Bench – former Fed official, USDC co-creator, and now founder of Radius – joins to unpack the real story behind Project Hamilton and the Fed’s digital dollar pivot. He explains why CBDCs became politically radioactive, how stablecoins are replacing the card networks, and why America must act fast or lose the future of money to China. Plus: how Radius plans to disrupt AdWords with scalable payments infrastructure—and more. Enjoy! __ Follow Robert: https://x.com/RkBench Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv __ 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. Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. — Timestamps: (00:00) Introduction (01:59) Circle & Stablecoin Innovations (08:42) Ads (Ledger, Arkham) (10:00) Building CBDCs (20:47) Unpacking the CBDC Pushback (25:36) Where Stablecoins Stand Today (32:05) MMFs & Stablecoin Yields (32:59) Ads (Ledger, Arkham) (34:36) MMFs & Stablecoin Yields (38:33) Innovating Payments & Attention Economy (52:10) Stablecoin Endgame (58:28) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, Felix and Tyler unpack the unraveling Trump–Elon alliance as a microcosm of fiscal denial, explore the slow death of austerity, and discuss why endless debt and political gridlock may actually be bullish. They dive deep into the brewing housing market crack, the quiet rise of crypto IPOs like Circle, and the generational shift from TradFi despair to crypto optimism. Plus, reflections on Larry Fink’s globalization rebrand, market structure flows holding up equities, and more. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Subscribe to Milk Road: https://bit.ly/43EDdiW — Weekly Roundup Charts: https://drive.google.com/file/d/1badYX4f8iXwp3_nN7zm_hu0dVINu80QF/view?usp=drive_link — 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 Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$270M in aBTC minted. https://www.echo-protocol.xyz/ Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. — Timestamps: (00:00) Introduction (02:43) The Narrative Market (03:49) Austerity Isn’t Happening (06:27) Fed Easing, Jobs Data & Liquidity (10:57) Ads (Blockdaemon, Aptos, Arkham, Milk Road) (13:09) Inflation & Stagflation Threat (15:23) Housing Market (21:08) Crypto Boom Time (25:34) Crypto Is Changing (29:07) Ads (Blockdaemon, Aptos, Arkham) (31:31) BTC ETF Holders (32:49) Saylor & Crypto Treasury Companies (34:46) 2nd Draft of Globalization (40:25) Chamath & The New Media (44:09) Everything Will Change (47:23) Market Structure (52:23) Flows vs Fundamentals (55:23) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, Jim Bianco Jim Bianco returns to break down why the post-COVID economy has completely broken old models, how soft data continues to mislead markets, and why 5% yields are now the new normal. He explains why everyone got April wrong, what the return of bond vigilantes means for fiscal policy, and how the Fed is out of step with reality. They also dive into Trump’s tariff strategy, the collapse of DOGE, the global shift toward bill issuance, and more. Enjoy! __ Follow Jim: https://x.com/biancoresearch 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 Subscribe to Milk Road: https://bit.ly/43EDdiW — 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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 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. — (00:00) Introduction (01:26) People Just Don’t Get it (04:44) The Narrative Market (12:36) Ads (Blockdaemon, Ledger, Arkham, Milk Road) (14:54) Trump Goals vs Reality (21:01) Tariffs or Capital Controls? (27:10) What is the Role of Monetary Policy? (32:43) Ads (Blockdaemon, Arkham, Ledger) (35:05) Rate Cuts vs Hikes (42:22) Who’s Buying Bonds? (50:46) The Short Duration Shift (54:59) Gold & Bitcoin (57:44) US vs RoW Assets __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

This week, we discuss the federal court injunction against Trump’s tariffs and whether this marks a true policy shift or just legal theater. The crew also dives into stealth bailouts via Treasury bill issuance, Japan’s inflation puzzle, AI’s productivity promises, and the looming housing and credit crunch. Plus, stablecoins are emerging as major buyers of U.S. debt. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ 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/1y-opkz9g_zdZo2XzMWZ4KnE7PzzmvTSe/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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$200M in aBTC minted. Check out https://www.echo-protocol.xyz/ to learn more! — Timestamps: (00:00) Introduction (03:10) Permissionless (04:25) Court Blocks Trump Tariffs (10:04) Has Anything Really Changed? (11:16) Ads (Blockdaemon, Arkham, Aptos) (12:59) Has Anything Really Changed? (15:44) Economy Mostly Fine (17:32) It’s All About Flows (20:46) BOJ & The Acronym Factory (25:36) AI Disruption (30:09) Japan Financial Repression (32:08) Ads (Blockdaemon, Arkham, Aptos) (34:33) Delinquencies & Real Wages (36:07) Endowments, VC, & Private Markets (42:46) Housing Teetering (47:16) Trump & Powell Meet (48:38) Winning Innovation Themes (50:54) BIS Stablecoin Paper — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, David Cervantes from Pinebrook Capital breaks down 2025’s shifting macro landscape, covering fiscal stimulus, inflation, Fed policy, and market positioning. He highlights strong US deficits supporting growth, labor market shifts from immigration, and the chances of a June rate cut. He compares US vs. global equities, fixed income challenges, gold’s role, and small caps’ struggles with sector-specific opportunities. Enjoy! __ Follow David: https://x.com/EconstratPB Follow Pinebrook: https://www.pinebrookcap.com/ 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 __ 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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 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. Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$200M in aBTC minted. Check out https://www.echo-protocol.xyz/ to learn more! — Timestamps: (00:00) Introduction (01:34) YTD Macro Recap (06:13) The Big Macro Picture (11:29) Ads (Blockdaemon, Arkham, Ledger, Aptos) (13:57) Rate Hike Dilemma (15:57) Tuning Out the Noise (18:10) Labor Market (22:59) Fed Policy Reaction (29:07) Growth Outlook (31:20) Ads (Blockdaemon, Arkham, Ledger, Aptos) (34:30) Structural Bid to Assets (37:36) US vs ROW (45:20) Fixed Income Outlook (47:42) Gold Outlook (48:39) Small Caps vs Large Caps (55:12) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

This week, we discuss the U.S. fiscal pivot, soaring deficits, and what it means for bond markets, Bitcoin, and global capital flows. We also debate whether Japan is the canary in the coal mine for sovereign debt risks, if QE is still politically viable, the housing market crisis, and why Bitcoin and foreign equities may be the only rational long-term trades. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ 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/1zNQbt0lyXLmZQYf-56mneLpPxFNJ5y7h/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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$200M in aBTC minted. Check out https://www.echo-protocol.xyz/ to learn more! — Timestamps: (00:00) Introduction (01:46) Big Beautiful Bill (06:47) There’s One Trade (09:39) Ads (Blockdaemon, Aptos, Arkham) (11:21) Government Spending Problem (14:10) US Economic Data (16:55) Housing Market Crisis (22:12) Global Collateral & JGBs (27:21) Food Prices & Labor (30:46) Ads (Blockdaemon, Aptos, Arkham) (33:10) Bond Yields & Inflation (38:32) Liquidity & Collateral Stress (42:03) US Equities Still Safe? (50:37) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, author of the MacroTourist newsletter Kevin Muir joins the show to unpack why fiscal dominance is the defining force in today’s markets. He explains how MMT helped him rethink macro, why higher interest rates have recently been stimulative, and how the U.S. deficit is fueling both market resilience and long-term risk. We also dive into Trump's economic policies, potential capital controls, foreign capital repatriation, the implications for bonds and equities, and why Muir is positioning for FX volatility and a major private credit unwind. Enjoy! __ Follow Kevin: https://x.com/kevinmuir 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 __ 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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 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 (01:56) Two Macro Buckets (07:50) Higher Rates Stimulative? (14:03) Ads (Blockdaemon, Arkham, Ledger) (15:52) Credit Ratings & Deficits (18:46) Challenges of Cutting Deficits (28:09) Capital Controls Next? (33:02) Time to Own Volatility (38:43) FX Volatility (39:35) Ads (Blockdaemon, Arkham, Ledger) (41:57) Global Inflection Point (49:12) US Bond Market (55:11) Firing Powell & the Dollar (57:28) Equities & Risk Premium (01:01:26) US Outlook: Bullish ROW? (01:06:41) Corporate Credit (01:10:22) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

This week, the trio is back! We discuss the Trump-China tariff deal, Tyler’s structural framework driven by political utility markets, the tax bill, and widening fiscal deficits. We also dig into the repatriation of foreign capital, the yield curve's breaking point, and how AI-driven productivity might justify tech valuations. Enjoy!—Follow Quinn: https://x.com/qthompFollow Tyler: https://x.com/Tyler_Neville_Follow Felix: https://twitter.com/fejau_incFollow Forward Guidance: https://twitter.com/ForwardGuidanceFollow Blockworks: https://twitter.com/Blockworks_Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidanceForward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx—Weekly Roundup Charts: https://drive.google.com/file/d/17yIKpOcGu-wv67vfeKu5I7Lo17hftwgk/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.comArkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.Sign up to Arkham: https://auth.arkm.com/register?ref=blockworksEligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.—Timestamps:(00:00) Introduction (01:05) Tyler’s Back! (03:53) China Deal & Tyler’s Framework (09:56) Inflation & Labor (11:20) Ads (Blockdaemon, Arkham) (12:17) US Trade & Debt Reality (19:58) Generational Repatriation (22:23) MicroStrategy Monetizing Volatility (24:02) Inflation & Capital Controls (27:05) Tax Bill & Deficit Expansion (28:56) Ads (Blockdaemon, Arkham) (30:27) Dollar & Bond Market Breaking (35:32) Stock Flows, Volatility & Sentiment (38:08) US Equities & AI (43:14) Asian Currencies (45:21) New System in Motion (47:07) Short Bond Trade (49:34) Final Thoughts —Disclaimer: Nothing discussed on Forward Guidance should be considered 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.

In this episode, James of Citrini Research returns to unpack his framework for understanding Trump-era macro policy, highlighting why the trade war pause was inevitable, the return of the three-legged stool, and how the "big beautiful bill" could fuel equities. He also outlines why robotics might be the next great secular investment, breaks down China’s robotics lead, and more. Enjoy! __ Follow Citrini: https://x.com/Citrini7 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 __ 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 Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 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. 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 (01:54) Trump, Tariffs & Macro Overview (10:48) Ads (Blockdaemon, Arkham, Ledger, Ondo) (12:54) Taxes, Deregulation & Fiscal (18:45) Deficit, Defense & DOGE (22:57) Ads (Blockdaemon, Arkham, Ledger, Ondo) (25:43) AI & Robotics (35:28) Macro Impact of AI & Robotics (39:08) Investing in Robotics (44:52) China vs USA (48:44) Subsidizing to Build Reliance (51:53) Citrini's Core Thesis __ Disclaimer: Nothing discussed on Forward Guidance should be considered 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.