MacroVoices Erik Townsend &amp; Patrick Ceresna welcome Harley Bassman. They discuss the Fed’s credibility crisis, the fiscal recklessness behind higher term premiums, and how mortgage convexity, ETFs, and hyperscaler borrowing are rewiring the global bond market. https://bit.ly/46wQwnB ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik&#x27;s Substack: https://eriktownsend.substack.com/

MacroVoices #550 Harley Bassman: In FED We Trust

Macro Voices

What's going on in my view is we have a lack of trust in the government, in a lot of our institutions, and maybe about the Fed. What's really important here is the Fed needs to go and regain the trust of the market. That was Harley Bassman, the fixed income guru who invented the Move Index and who's best known on the street as the convexity maven.

I'm Erik Townsend, and this is Macro Voices, the free weekly podcast targeting professional finance and sophisticated private investors. Episode 550 was produced September 17th, 2026. Just hours before this week's feature interview was recorded, the Federal Reserve surprised hawkishly by not just hiking rates like everyone knew they were going to, but also signaling that another rate hike is likely to occur before Christmas.

So Harley and I will start with the news and what it means, then move into a slide deck Harley prepared, giving us his take on markets and where they're headed. You'll find the slide deck linked in your research roundup email or at MacroVoices.com. And I'm Patrick Ceresna. Let's dive straight into this interview. Harley, I'm going to have to hit you up here, and sorry to do this to you, but you know, you sent us a slide deck a couple of days ago, and the title of it is In FED We Trust.

Now, we're recording this on Wednesday afternoon after the hawkish surprise. We had an expected rate hike, but then it went unexpectedly hawkish with a dot plot saying that's not the last hike in 2026. And that really shocked markets. So do you still trust the Fed this afternoon, Harley? Thank you for having me back on. I appreciate it.

MacroVoices #550 Harley Bassman: In FED We Trust

Read the full transcript

The candid version is on a podcast,
not the earnings call.

MacroVoices #550 Harley Bassman: In FED We Trust

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.