Gold Goats 'n Guns Podcast Episode #225 - Caitlin Long and Mapping Out the Post-Powell Fed
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Aug 2, 2025 
Caitlin Long, CEO of Custodia Bank and a crypto advocate, returns to weigh in on the Federal Reserve's evolving role amidst political tensions. They discuss Jerome Powell’s influence on economic policies and analyze the impact of recent trade agreements on the U.S. financial landscape. The conversation dives into the rise of decentralized finance and the implications of a new stablecoin regime for the U.S. Treasury market. Long also sheds light on generational challenges in adapting to digital finance, emphasizing the urgent need for financial literacy.
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Fed Bureaucracy's Inefficiency and Politics
- The Fed bureaucracy is highly segmented, involving many people for single decisions, causing inefficiency.
- Political directives influenced internal Fed decisions during contested financial events.
Post-Powell Fed Transformation
- The Fed's current role is likely to revert to a lender of last resort focusing on commercial paper.
- Treasury will reclaim control of the Treasury market, transforming the Fed’s function post-Powell.
Tokenized T-Bills Bypass Fed Custodianship
- The traditional Fed funds market has diminished; SOFR and repo markets have grown in importance.
- Treasury’s plan to issue tokenized T-bills can bypass Fed as custodian, reshaping clearing systems.