This interview podcast features financial expert Lyn Alden discussing her global macro outlook for 2025 with host Felix. The conversation begins with Alden outlining her perspective on continued liquidity and fiscal dominance in the US, highlighting the debt ceiling and tariffs as key factors influencing market conditions. Alden then analyzes the interplay between Treasury actions, the Fed's monetary policy, and their impact on bank reserves and liquidity, predicting potential liquidity constraints by mid-year. Finally, the discussion touches upon the implications of these macro trends for energy markets, the role of the US dollar, and the potential future impact of Bitcoin and gold as alternative reserve assets. Alden's analysis emphasizes the limitations of the Fed's traditional tools in an era of fiscal dominance and suggests that fiscal policy will be a more significant driver of economic outcomes in 2025.
