Monetary Matters with Jack Farley

With the end of year approaching and SOFR/IOR spreads widening, Darrell Duffie, renowned and prolific monetary scholar, joins Monetary Matters to share his views on why liquidity strains often appear at quarter- and year-end. Duffie explains his work on the September 2019 repo blowout and shares his findings that timing of bank payments is a better predictor of SOFR/IOR stress than the SOFR/IOR spread itself. Duffie also shares his views on debt-to-GDP levels, the theory that the Treasury has engaged in “stealth QE,” and the impact of SOFR transition on bank funding costs. Recorded on December 27, 2024.  Duffie Piece On Reserves Discussed For Most Of Interview (“Reserves Were Not So Ample After All”): https://www.newyorkfed.org/research/staff_reports/sr974 Duffie Piece on SOFR vs. LIBOR impact on bank debt-overhang cost (discussed at end, “Bank Funding Risk, Reference Rates, and Credit Supply”): https://www.newyorkfed.org/research/staff_reports/sr1042 Darrell Duffie’s website https://www.darrellduffie.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96

Having raised over $450m in less than 6 months, Warren Pies, Founder of 3Fourteen Research and Portfolio Manager of $FCTE, has had one of the most successful independent ETF launches of all time. Despite the seemingly overnight success of his fund management business, the real story is about the steady growth of his research business that feeds into everything they do. He explains how his research business has become a pipeline of investor interest in his ETF business and how research relationships flip the traditional client interaction on its head. He also discusses why he chose to focus on setting good expectations with reasonable clients rather than playing the flashy retail newsletter game. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Warren Pies on Twitter: https://x.com/WarrenPies Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Howell expects the liquidity cycle to peak in late 2025 / early 2026 and says "enjoy the party but dance near the door." Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Michael Howell (CrossBorder Capital) on Twitter https://x.com/crossbordercap CrossBorder’s Website: https://www.crossbordercapital.com/ “Capital Wars” Substack: https://capitalwars.substack.com/ “Capital Wars” the book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872 Follow Jack Farley on Twitter https://x.com/JackFarley96 ___ Disclaimers for Teucrium sponsorship: This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors.  Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns. Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates.

Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, joins Monetary Matters to share her views on the December Federal Reserve FOMC meeting and her outlook on markets and the U.S. economy in 2025. DiMartino doubles down on her call that the U.S. economy is already in a recession, and explains why she thinks on January 29 2025 will be the day that the true weakness of the job market will be revealed. Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth QI Research: https://quillintelligence.com/ Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96