This week, we discuss the federal court injunction against Trump’s tariffs and whether this marks a true policy shift or just legal theater. The crew also dives into stealth bailouts via Treasury bill issuance, Japan’s inflation puzzle, AI’s productivity promises, and the looming housing and credit crunch. Plus, stablecoins are emerging as major buyers of U.S. debt. Enjoy!

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Weekly Roundup Charts: https://drive.google.com/file/d/1y-opkz9g_zdZo2XzMWZ4KnE7PzzmvTSe/view?usp=sharing

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Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv

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Blockdaemon is the gateway to the decentralized economy, securing over $110B in digital assets for 400+ institutions with blockchain nodes, APIs, MPC wallets and vaults, and staking solutions.

Learn more: www.blockdaemon.com

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

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Echo Protocol is the first Bitcoin liquid re-staking and yield layer on MoveVM. As the second-largest protocol on Aptos by TVL, Echo secures nearly half of the network’s bridged assets with ~$200M in aBTC minted.

Check out https://www.echo-protocol.xyz/ to learn more!

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Timestamps:

(00:00) Introduction

(03:10) Permissionless

(04:25) Court Blocks Trump Tariffs

(10:04) Has Anything Really Changed?

(11:16) Ads (Blockdaemon, Arkham, Aptos)

(12:59) Has Anything Really Changed?

(15:44) Economy Mostly Fine

(17:32) It’s All About Flows

(20:46) BOJ & The Acronym Factory

(25:36) AI Disruption

(30:09) Japan Financial Repression

(32:08) Ads (Blockdaemon, Arkham, Aptos)

(34:33) Delinquencies & Real Wages

(36:07) Endowments, VC, & Private Markets

(42:46) Housing Teetering

(47:16) Trump & Powell Meet

(48:38) Winning Innovation Themes

(50:54) BIS Stablecoin Paper

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Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.