This episode is sponsored by, NEAR and FTX US.

For the past two days, Federal Reserve Chairman Jerome Powell has been testifying on the Hill before committees in both the Senate and House. One of the most pointed discussions has been around the possibility that the Fed’s rapid about-face on interest rates and other market support might have the unintended consequence of dropping the economy into a recession.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Win McNamee/Getty Images, modified by CoinDesk. Join the discussion at