Скачать или смотреть We’re Entering The Final Phase Of Fiscal Dominance | David Beckworth

In this episode, Senior Research Fellow at Mercatus Center and host of Macro Musings David Beckworth breaks down the rising risks of fiscal dominance—when the Fed prioritizes government solvency over price stability. He explains the historical context of fiscal dominance, the warning signs we’re seeing today, and why current debt levels, persistent deficits, and political gridlock are pushing us closer to stage three. Beckworth also dives into the mechanics of stablecoins, the Treasury’s issuance strategy, and potential reforms to the Fed’s operating system, including balance sheet management and NGDP targeting. He warns that without serious structural change, the Fed’s independence and credibility may be at risk. Enjoy!
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Timestamps:
00:00 Intro
01:27 Major Regime Shift
05:00 Last Era of Fiscal Dominance
08:13 Ads (VanEck, Aptos)
09:35 Fiscal Dominance Catalysts
12:29 Phases of Fiscal Dominance
18:37 Can Stablecoins Help?
23:51 Active Treasury Issuance
26:44 Ads (VanEck, Aptos)
28:06 Is the Endgame YCC?
31:29 Crossing the Rubicon
33:23 Fed Monetary Policy Framework
38:18 The Ideal Fed Reaction Function
45:18 Rethinking Forward Guidance
47:52 Balance Sheet Goals
52:13 Realistic to Offload Duration?
54:38 Should We Remove IORB?
01:01:13 Final Thoughts

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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.

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