ICYMI: Markets Haven’t Priced In The End of Fiscal Tailwinds We Discuss: 🔶 Entering a contractionary fiscal impulse 🔶 Why QRA threw cold water, not gasoline 🔶 Fed leadership vacuum & September pivot odds 🔶 Why long bonds still can’t catch a bid 🔶 Stablecoin myths & marginal buyers of T-bills @dampedspring @fejau_inc Timestamps: 00:00 Introduction 01:59 Fed Takeaways 09:42 VanEck AD 10:28 What Happens When Powell Leaves? 16:49 Treasury QRA Breakdown 22:24 Impact of Treasury Buybacks 26:27 TGA Rebuild & Liquidity 29:19 Fed Balance Sheet & Reinvestment Policy 30:23 VanEck Ad 31:03 Fed Balance Sheet & Reinvestment Policy 44:19 Tracking the Economic Data 51:03 Financial Conditions vs Growth 52:28 Making Sense of Market Pricing 57:06 Short vs Long Rates 59:09 Net Impact of Stablecoins 1:10:47 Final Thoughts Links Below ↓

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