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Powell steps down, Wosh takes over, Bliss Trade replaces Taco Trade—fiscal backstop expectations are the real moat for this round of risk assets, Crypto is Macro has never been just a slogan.
> Original video source: Unchaind
> Original compilation: Deep Tide TechFlow
Editor’s Introduction
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Former IMF Chief Economist Gita Gopinath proposed in the FT that the "Bliss Trade" (long-lasting large-scale bailout expectations) is replacing the "Taco Trade" as the underlying logic of the market. This is a structural, cross-party, cross-government fiscal safety net expectation, forming the true moat for current risk asset valuations and also the core reason for currency devaluation trades.
Crypto is Macro