The Treasury just signaled it will do whatever it takes to hold the long end together, and Bitcoin ripped toward $80,000 about 45 minutes after the headline hit.
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In this episode:
- Why doubling buybacks from $2 billion to $4 billion moved markets this much
- How the TGA could become the Treasury’s next source of firepower
- Investment funds replacing the Fed as the marginal buyer of long end treasuries
- The US escorting oil out of the Strait of Hormuz under cover of darkness
- Why the Canada, Mexico and South Korea headlines are all really about China
- Private credit cockroaches surfacing in the Lakers and Dodgers ownership mess
TIMESTAMPS:
00:00:00 – Bitcoin charging toward $80,000
00:01:06 – Bull trap or breakout after months of coiling
00:02:45 – Treasury doubles bond buybacks to $4 billion per operation
00:06:17 – The TGA reportedly on the table to fund buybacks
00:08:42 – A whatever it takes moment with stocks near all time highs
00:11:06 – Who actually buys long end treasuries now
00:12:37 – Underwater bonds and freeing up balance sheet capacity
00:15:34 – Iran, the SPR at 1982 levels and crude stockpiles
00:16:59 – Sneaking oil out of the Strait of Hormuz after dark
00:17:58 – South Korea, Mexico and Canada trade headlines point to China
00:21:46 – Mark Walter, the Lakers sale and private credit’s cockroach problem
00:23:28 – How a credit daisy chain could blow up the whole strategy
00:25:45 – World Liberty gets conditional charter approval from the OCC
00:27:38 – Stablecoins and a dollar system that looks pre-1913
00:28:40 – Trump defers on buying significantly more Bitcoin
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