In this episode, Nik joined once again by portfolio manager and fixed-income expert Andy Constan. Andy explains his bearish view on the stock market as a reaction to inflation refusing to come down and the Treasury department likely to keep coupon issuance high. He also breaks down why he does not view today's situation as fiscal dominance any longer and how restrictive monetary policy will ultimately impact the economy. Andy briefly discusses Michael Howell's liquidity framework and why gold's move tells us the Fed is losing on inflation. We also get a rare bitcoin mention from Andy!The Bitcoin Layer is brought to you by River. Visit http://River.com/TBL and earn up to $100 in bonus Bitcoin when you buy.Subscribe and turn on notifications for TBL on YouTube.Subscribe to TBL’s research letter: https://thebitcoinlayer.com/subscribeFollow TBL on X: https://twitter.com/TheBitcoinLayerSubscribe to The Bitcoin Layer on your favorite podcast platform.Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at http://TheBitcoinLayer.com/merchContribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggThe Bitcoin Layer is a bitcoin and global macroeconomic research firm. The Bitcoin Layer and its guests do not provide investment advice.Block Height 839523 #TheBitcoinLayerContribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.ggNik Bhatia's Twitter: https://twitter.com/timevalueofbtcResearch Associate Joe Consorti's Twitter: https://twitter.com/JoeConsortiCreative Director Matthew Ball's Twitter: https://twitter.com/matthewrball#TheBitcoinLayer #NikBhatia #StockMarket #Inflation #TreasuryDepartment #CouponIssuance #FiscalDominance #MonetaryPolicy #EconomicImpact #LiquidityFramework #Gold #Bitcoin #Finance #Investing #PortfolioManagement #FixedIncome #ExpertInsights #MarketAnalysis #FinancialMarkets #MacroEconomics #FedPolicy #MarketTrends #AssetAllocation #FinancialStrategy #Bloomberg #Analysis #Charts #Tradingview #InvestmentStrategy #MarketWatch #StockMarket #PassiveInvesting #IndexFunds #FinancialMarkets #MarketWatch #RiverBitcoin #FreeMarket #FreeMarkets #Markets #USTreasury #TreasuryBills #BalanceSheet #FED #Debt #Inflation #Statistic #Rates #Interest #Asset #Bitcoin #Dollar #Sats #BTC #Market #Currency #Crypto #Analysis #Investment #News #Finance #Education #Blockchain #Mining #BitcoinMining #macroSubscribe to The Bitcoin Layer on Soundwise