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Jim Bianco links Fed turnaround, bond yields, and bitcoin adoption outlook
Bianco says the bond market had signaled the need for a rate hike for about two years, pointing to a 10-year yield rise from 3.7% to 5% during the Fed cutting cycle.
Bitcoin Magazine spoke with Jim Bianco of Bianco Research about the macro backdrop for bitcoin adoption, focusing on the recent Federal Reserve rate hike and what bond market signals had already implied.
Bianco said the bond market had been signaling that a hike was necessary for around two years, arguing that during the Fed cutting cycle the 10-year yield rose from 3.7% to 5%, an outcome he described as rare, the first time in over 50 years long-term yields climbed while the Fed cut.
In the conversation, Bianco also discussed what he would need to see in the long end of the yield curve to conclude the Fed has regained credibility with bond investors, and why he views an October 28 Fed decision, a week before the midterms, as more important than Wall Street may assume.
The discussion was presented as informational and educational, and the outlet noted that the views expressed do not necessarily reflect official positions of Bitcoin Magazine, BTC Inc, or affiliated entities.
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