Warsh's Fed Debut, Bitcoin Covered-Call Strategies & Stretch's Dislocation

Recorded June 18, 2026.In the latest CF Benchmarks live X Space, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo, CF Benchmarks Research Analyst Mark Pilipczuk, and CF Benchmarks Head of Business Development Peter Stern, with CEO Sui Chung calling in from London. The team also welcomes a special guest: David Lawant, Head of Research at Anchorage Digital and previously head of research at FalconX.The panel grades Kevin Warsh's first FOMC meeting, unpacks the mechanics of synthetic Bitcoin yield from David's new whitepaper on covered call strategies, examines the arrival of covered-call ETFs, and works through the price movements in Strategy's STRETCH preferred.Chapters: 00:00 – Intro, Compliance Note & Team Welcome03:32 – The FOMC Recap: Rates Held, the Statement Slashed, a Dot Goes Missing05:46 – Grading Warsh's Debut: The Panel's Report Card15:17 – Killing the Dot Plot? The Forward Guidance Debate18:45 – The "Fed Put" & Market Reflexivity24:11 – Hawkish on Rates or the Balance Sheet?30:38 – Synthetic Bitcoin Yield: Inside David's latest research piece34:43 – Bitcoin's Volatility Risk Premium & a Call-Heavy Options Market37:00 – Covered-Call ETFs Arrive: BlackRock's BITA & Advisor Appetite42:53 – Muted Basis & Funding: Why Yield-Seekers Turn to Options44:51 – STRETCH Under Stress: Strategy's Preferred Slips Below Par47:05 – Reading the Spread: STRETCH vs Peer Yield Products50:20 – Strategy's Mechanics: USD Reserve, Convert Buyback & the Dividend Standoff53:28 – The Fast Round: What We're Watching Over the Next Week