November 10 commute podcast — Risk assets weaken on Richmond Fed Barkin's inflation caution remarks… $1 billion in crypto liquidations

Richmond Fed President Thomas Barkin's renewed inflation warnings triggered a risk-off move across crypto, with bitcoin falling 1.33% to $74,826.79 over 24 hours and roughly $1 billion in leveraged positions liquidated. The macro backdrop worsened as a New York Fed survey showed one-year inflation expectations holding at 3.9% and the probability of rising unemployment at 45.3%, reinforcing fears that monetary policy will not pivot to easing soon. The episode matters because it shows crypto leverage unwinding first when macro tension rises, turning a modest price dip into a billion-dollar liquidation event. Traders will watch upcoming inflation and labor data, along with Fed commentary, for signals on whether rate-cut expectations shift further.