The Fed scare that dominated markets may already be losing momentum. Now investors are asking what comes next as the AI trade, inflation picture, and market leadership evolve. This week, we break down why the Fed may be nearing the end of its hiking cycle, how AI investment is reshaping markets, and where capital is rotating next. We also discuss peak inflation, hyperscaler capex, market dispersion, active management, and why new leaders could replace the old winners. Enjoy! TIMESTAMPS: 00:00 Intro 01:16 FIFA World Cup 04:24 Peak Hawkishness Fading 09:53 Oil, Gasoline, And Disinflation 12:28 Why Inflation Stays Sticky 14:22 Monetary Policy vs AI CapEx 19:43 Warsh: Balance Sheet &amp; Rates 25:22 Hyperscalers Hit The CapEx Wall 29:38 Passive Investing Cracking? 33:37 Market Leadership Rotating 42:07 The Productive Capital Cycle? 44:24 MicroStrategy Hits Reality 50:09 Bitcoin, AI, And Power 55:26 Do Things IRL FOLLOW THE SHOW › Forward Guidance – https://x.com/ForwardGuidance › Felix – https://x.com/fejau_inc › Quinn – https://x.com/qthomp › Tyler – https://x.com/Tyler_Neville › Telegram – https://t.me/+CAoZQpC-i6BjYTEx › Blockworks – https://x.com/Blockworks RESOURCES › Weekly Roundup Charts – https://drive.google.com/file/d/1cLd9ck8EM77hJz9ZlnB_5VKd8ai1Sb2d/view?usp=sharing EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th &amp; Digital Asset 2026 London November 10-11th https://blockworks.com/events Blockworks recently acquired Messari. For more information, please visit: https://blockworks.com/insights/blockworks-acquires-messari DISCLAIMER Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Is The Fed Panic Already Fading? | Weekly Roundup

Forward Guidance

# Full Transcript

**Podcast:** Forward Guidance

## Participants

- **Felix** (Blockworks)
- **Quinn Thompson** (Blockworks)
- **Tyler Neville** (Blockworks)

## Transcript

[SPEAKER_02] I continue to stand by my view that we are traversing peak inflation and peak growth probably for the year.

[SPEAKER_00] I just don't really see the logic in how these monetary policy tools of like interest rates are supposed to help this.

[SPEAKER_02] For as much as he didn't want to say he gave forward guidance, it was implicitly forward guidance and it did what he needed to be done to set the stage for I think not actually hiking.

[SPEAKER_01] Even if they raised 50 basis points, that won't make it really matter when you have a trillion dollars of spending this year and trillion dollars next year from the private sector.

[SPEAKER_02] So maybe they take the air out of the AI trade a bit if there's actually inflation showing up from it and they need to cool it. The other thing that I just don't think is being talked about enough is...

[SPEAKER_00] Nothing said on forward guidance is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests and the Blockworks team may hold positions in the company's funds or projects discussed. As always, investments in blockchain technology involve risk, terms and conditions apply. Do your own research.

[SPEAKER_00] All right, what's going on everybody? Welcome back to another round of edition for guidance, World Cup edition. Quinn showed up on camera with his jersey from... What do you got going on there?

[SPEAKER_02] The Netherlands.

[SPEAKER_00] Are you part Dutch or are you just a fan?

[SPEAKER_02] Just a fan. Fan of the people in the country.

[SPEAKER_01] What is your heritage there, young Quinn?

[SPEAKER_02] Kind of like a Midwestern Mutt. I think German, Irish.

[SPEAKER_01] Yeah, I'm about the same. Felix looks the most Canadian I've ever seen him in that red Canada flag.

[SPEAKER_00] I know. I got the fresh shirt. I was at the... So we were just saying before we record, I went to the Vancouver-Switzerland game yesterday and it was just... It was pretty incredible. I've been a big soccer fan for a long time. Like I was... It's my main sport as a kid, but I was never used to Canada being in the World Cup. So it's sort of this novel thing to actually be able to support them. I was looking at there as a stat like...

[SPEAKER_01] Wait a second. Can I just frame this for a second? Felix is about 6'6", like 250 pounds. I'm having a hard time picturing you playing soccer.

[SPEAKER_00] Dude, I was on the defense line.

[SPEAKER_01] Yeah, were you just wrecking people?

[SPEAKER_00] Yeah. No, I've run like... What's his name? Holland from Norway, the striker. He's like this big Viking guy and he just chases people d...

Is The Fed Panic Already Fading? | Weekly Roundup

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Is The Fed Panic Already Fading? | Weekly Roundup

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.