A Nothingburger Speech that Moved Markets
The Breakdown26 Aug 2025

A Nothingburger Speech that Moved Markets

At last week’s Jackson Hole gathering, Jerome Powell delivered his final speech as Fed Chair. On the surface it was dry and technical, but markets read it as a dovish signal—and risk assets surged. In today’s Breakdown, NLW digs into what Powell actually said, why markets reacted so strongly, and what the revisions to the Fed’s monetary policy framework mean for inflation, employment, and the future of central bank independence. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Episoder(2054)

IRS Forks Up New Tax Guidance / DevCon Debates / Senate Pressures Libra

IRS Forks Up New Tax Guidance / DevCon Debates / Senate Pressures Libra

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Narrative Watch | The NBA, Hearthstone & Hong Kong - Why Censorship Resistance Matters

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Libra's shaky membership FUD / Crypto In A Congressional Race / Why BTC volume is growing in Hong Kong

Libra's shaky membership FUD / Crypto In A Congressional Race / Why BTC volume is growing in Hong Kong

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2 Okt 201918min

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SEC vs. EOS: Securities! Settlement! Scandal!

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1 Okt 201924min

Narrative Watch: Time Preference Transformation - How CT Reacted (Or Didn't) To Last Week's Price Crash

Narrative Watch: Time Preference Transformation - How CT Reacted (Or Didn't) To Last Week's Price Crash

Last week saw a 20% drop in the price of Bitcoin - much of coming in a short, 30 minute span. What it didn't see was the usual hand wringing and frantic explanations. In fact, most of last week's conv...

30 Sep 201916min

Is bitcoin rogue state money? / The impact of Libra on central banks / Fed repo market injections continue

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News broke of Venezuela exploring whether they could use bitcoin and ether as reserve assets, prompting questions about what the potential impact of widescale adoption of bitcoin as a tool to evade sa...

27 Sep 201923min

What's behind the BTC price crash? / Does WeWork matter for crypto? / Incognito mode for payments

What's behind the BTC price crash? / Does WeWork matter for crypto? / Incognito mode for payments

Bitcoin (and the rest of the markets) absolutely cratered yesterday, with BTC dropping from nearly $10k to under $8k before resetting a bit. Is it Bakkt backlash? Bitmex margin calls? Or a fat load of...

25 Sep 201920min

Bakkt launch flop or fly? / Kik kicks the bucket, Kin lives on / SEC testifies before Congress

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Much hyped Bakkt has launched, but the volume is...less than massive. What should we think about it? Is it a sign of failure; a sign that there simply isn't demand from institutions; or was this alway...

24 Sep 201923min

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