In this episode Mark and I covered two big topics: the fallout of Wednesday's FOMC meeting, and the announcement that the White House is cracking down on crypto as a matter of "national security."

We kicked things off with one of my favorite charts of all time, the S&P going back to 1926 superimposed over every reason investors had to sell. Helps provide some perspective, you know? Next we covered what the market is pricing in in terms of rate hikes for 2022, and the likelihood that the Fed will follow through on their hawkish rhetoric.

Next we moved on to real yields and gold's confusing response, the flattening yield curve, and the precipitous rise in the DXY. We also covered the precipitous drop in unprofitable tech, increased volatility in the stock market, and what both of these things tell us about where we're at in the business cycle.

We also took a look at today's price action in the S&P and high yield credit market and how that compared to the 6 month period in 2018-2019 around the "Powell Pivot" (hint: there are similarities).

Finally, Mark and I gave our thoughts on the impending crackdown that is rumored to be coming soon from the White House. For details on that, you'll have to listen to the episode.

Follow Mark: @MarkYusko

Follow Mike: @MikeIppolito_

Follow Blockworks: @Blockworks_

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