The Fed just did nothing — again. No rate cut. But markets went haywire anyway. What’s going on? Is Jerome Powell bluffing? Are gold bugs in denial? And why are traders like Tony Greer suddenly eyeing Bitcoin over precious metals?

In today’s episode of Milk Road Macro, we break down everything from the July FOMC meeting to the unseen forces driving the dollar, equities, crypto, and commodities. Legendary trader Tony Greer (ex-Goldman Sachs, founder of TG Macro) joins us to explain why Trump’s pressure on rates, massive ETF inflows into Bitcoin, and gold’s fake-out rally could define the second half of 2025.

This is the kind of deep macro breakdown you won’t get on CNBC.

In this episode, you’ll learn:

👉 Why the Fed’s “no-cut” stance might be more hawkish than it seems

👉 How the U.S. dollar pulled off a surprise reversal — and what that means for your bags

👉 Why gold may be headed for a steep correction (and what the Barron’s cover curse has to do with it)

👉 Why Tony Greer believes Bitcoin is trading better than gold in 2025

👉 What Trump’s rate-cut crusade has to do with housing affordability — and the 2024 election

👉 How recent global trade deals are quietly fueling a bull run

👉 The truth about retail investors: are they still “dumb money”? Or are they outsmarting the institutions?

👉 The one chart Tony is watching to predict the market’s next move (hint: it's not the S&P)

~~~~~

📈 Get no trading fees for your first $25K in trading volume on Definitive:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://out.milkroad.com/Definitive2025Podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

🏦 Borrow against your Bitcoin with Ledn, fast, secure, and without selling a sat:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://out.milkroad.com/Ledn2025Podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

~~~~~

🌍 Macro moves markets, get ahead of the game with Milk Road Macro Newsletter:

https://milkroadmacro.beehiiv.com/

~~~~~

✊ Follow Milk Road Macro on Social Media:

👉 Milk Road Macro Twitter: https://x.com/MilkRoadMacro

👉 Milk Road Macro YouTube: https://www.youtube.com/@MilkRoadMacro

~~~~~

🎙 GUEST INFO 🎙

Tony Greer: https://x.com/TgMacro

Newsletter: https://tgmacro.com/the-navigator/

📃 Disclaimer 📃

The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses.

Rate Cut Chaos: Inside the Fed’s July Meeting Standoff w/Tony Greer

The Milk Road Show