Felix Jauvin

British Columbia, Canada

Director and Host - On the Margin at Blockworks

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Articles

June FOMC meeting takeaways

1 week ago | blockworks.co | Felix Jauvin

This is a segment from the Forward Guidance newsletter. To read full editions, . To no one's surprise, the Fed held rates steady in the June FOMC meeting. As is the case in this modern age of monetary policy, the actual rate decision was well-telegraphed and wasn't what moved markets. In terms of what did move markets...the FOMC statement saw minor changes to wording but, generally, there was very little for market participants to glean.
Is the Fed risking a policy mistake by sitting on their hands?

2 weeks ago | blockworks.co | Felix Jauvin

Next week is the Fed's FOMC Day, and it feels like it's going to be a highly contentious one. On one hand, you have President Trump pressing Chair Jerome Powell to cut rates by 100bps as soon as possible: On the other hand, you have the FOMC toeing the line; they're in a "wait-and-see" mode. This is because they don't want to react in either a dovish or hawkish direction until they have a better idea of where the tariff policy will net out. However, doing nothing is also a policy decision.
ūüü™ Full circle moment

3 weeks ago | mail.blockworks.com | Jack Kubinec |Ben Strack |Felix Jauvin |Kate Irwin

Hey, readers. We‚Äôve got an extra special edition today, especially for those who haven‚Äôt done all their homework on Circle‚Äôs IPO. Katherine Ross from the Empire newsletter rounds out the stablecoin issuer‚Äôs debut on the NYSE, industry execs‚Äô thoughts and a picture of the upcoming landscape. Let‚Äôs get into it! Put away X for a second ‚ÄĒ it‚Äôs time for a detox from the drama. Let‚Äôs talk about Circle.
The current labor market, in charts

3 weeks ago | blockworks.co | Felix Jauvin

This week is all about the labor market! With the jobs report coming out tomorrow, let's dive in and get a state of play on where things stand. My favorite way to get a high-level pulse on the labor market is taking a look at Atlanta Fed's labor market spider chart: Compared to both one year ago and to the pre-Covid trend, we can glean a few general trends: The private sector is quite weak and continues to be.
đȘ Thursday links

4 weeks ago | mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin

The investment case for bitcoin treasury companies can be confusing, so VanEck has done us a service by writing the definitive explainer on the various ways to invest in Strategy (MSTR, STRF, converts). The main vehicle, MSTR, is generally viewed as a leveraged bet on bitcoin, but VanEck details why thatâs not exactly correct.
Court of International Trade halts the Tariff bonanza

4 weeks ago | blockworks.co | Felix Jauvin

In a major blow to the Trump administration's pursuit of global sweeping tariffs, the US Court of International Trade ruled that tariffs implemented via IEEPA were unlawful. This includes reciprocal tariffs and Fentanyl-related levies placed on certain countries. The breakdown of what's been impacted can be seen below: On net, this move takes the effective tariff rate from 10.4% to approximately 3.4%, as calculated by Bloomberg Economics. The Trump administration was quick to appeal the decision.
đȘ Thursday Mailbag: Micropayments, digital value and mission-driven crypto

1 month ago | mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin

Q: Do we need a new internet? The business model that populated the world wide web with information was straightforward: create content, attract traffic, sell ads. Now, however, you can often get better, aggregated information from a large language model, which sends a bot to visit those same websites on your behalf. Soon, most traffic on the web will be bots and therefore impervious to ads (and tragically uninterested in subscribing to newsletters).
The strategic pivot from 'austerity' to 'running it hot'

1 month ago | blockworks.co | Felix Jauvin

I'm old enough to remember when, just a few months ago, the Trump administration talked about cutting deficits to 3% of GDP. Ever since the Liberation Day pivot, however, the Trump administration has 180'd on its goals and is now pushing a new way to manage the US debt situation: Run it hot.
đȘ Thursday Mailbag: Dinners, memecoins and lobbyists

1 month ago | mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin

Q: What did dinner with the president cost? The final TRUMP holder to qualify for dinner with the president held 4,196 tokens, which were worth about $60,000 at the cut-off. But thatâs not the cost of the invite, because holders were free to sell as soon as the period or record ended. If they did, they would have taken about a 10% loss, making the real cost of dinner with the president (and 219 others) about $6,000.
Parsing the data for hints of US tariff impacts

1 month ago | blockworks.co | Felix Jauvin

We're entering the phase where we can see the impact of tariffs on the economy and gauge how companies are responding to these price increases. We'd forgive you for not knowing what the current tariff rates are, considering they change quite frequently.