Intro Vocals 00:01
You’re watching the blockchain interviews hosted by Dan Weiskopf. Each episode features interviews with leading industry experts so that viewers can have a deeper understanding of today’s quickly evolving blockchain marketplace.
Dan Weiskopf 00:21
Mike Novogratz from Galaxy digital, thrilled to have you here in the blockchain CEO series. We’ve been longtime fans, also longtime investors, and watched your company grow and expand and innovate. And thanks for the time, thrilled to catch up with you on this day, June 15. With the Fed action, just like you know, one hour ago, so the timing was pretty good. So just from a top down perspective, without getting into too much detail, talk to us a little bit about what you heard, and the macro environment, you know, with the Fed action.
Mike Novogratz 01:02
You know, Powell is a pretty straight shooter. Inflation is running hotter than they want. The last CPI number scared him a little bit more than the CPI number, it’s the inflation expectations. In the University of Michigan survey getting a little unhinged, they’re not unhinged, yet. But central banks care more about inflation expectations. And what that means is, if you start to expect inflation you’re negotiating with your boss for, I can’t work because food is gonna be higher, gas is gonna be higher, everything’s going to be higher in that inflation spiral is, is really, really the biggest fear central banks have. And so they raised 75, he said, You know, that’s not a sure thing for next meeting, we’ll look at the data, it’ll be 50 or 75. And that was a little more dovish than people thought he’d be, a lot of people thought he was 75, he goes 75 twice. So he stayed consistent in that there’s going to be flexibility around the data. Listen, everything we see is the economy is rolling over. And it’s rolling over faster than we’ve seen in a long…
