The Biggest Market Crash Since 2020, What Next? | Felix Jauvin & Quinn Thompson
Episode publishedPodcast: EmpireEmpire
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for having us. Happy Friday. Super
excited to be here finally. What's going on, guys? Yeah.
Quinn, you're in, like, every conversation now that I hear hear people talking about the markets, and, Felix, I feel like I see you on every podcast now. I saw you on the chopping block. I see you everywhere now. It's
been a big week. I was on yeah. This is my fourth podcast this week, and I said no to two others too because I was just like, I'm running out of things to say. But wanna wanna keep them prioritized for the for the BlockWorks pod. So yeah.
It's a it's a big bottom signal for markets probably and a top signal for us. It
is. It is. When you run the crypto people are listening to bunch of macro stuff, when Empire is bringing some macro guys on the show, that's a bottom signal. Yeah. It actually is a decent signal. But, anyway, I think, I wanna have you guys on. So we're recording this on Friday, April 11. This is gonna go live on Monday. Quinn, I thought it'd be helpful to just actually take us back to, either, the either November or the beginning of the year. You know, if you if if people think back to then everybody, including myself, was, like, 2025 is the year. This is the bull market, ripper of a year. Lik
It was it was so starting at the election or around the election, we were in the midst of aggressive fed rate cuts that, at this point, kind of generally accepted. We didn't need at least the extent of which we got a hundred basis points last fall in consecutive meetings. And that powered asset prices because it drove liquidity in the markets. And and, obviously, we're we were screaming to all time highs into late December and started this year. And on top of that, you had the Trump election, which really set off everybody's recollections 2016, and 2017 was the lowest volatility year ever for
Yeah. I it's funny. I had a similar conclusion, but came to it through different factors that drove that analysis for me. So mid December, late December, I started to be a bit concerned about a gross slowdown emerging at a point where the Fed decided they went pretty hawkish in mid December and took this tilt where they wanted to just sit on their hands and basically be intentionally complacent and slow to react, which is the complete opposite situation of where they were in August and September where they wanted to get ahead of the labor market, which is starting to see some deterioration. So
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