LOL

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Cmon… China has an Over Levered Banking System that’s 3.5x the size of its economy. (not including Off Sheet risk) There’s close to Zero chance China will replace the US Dollar as the World’s Reserve Currency imho.

DOGE needs to continue to attack Binge Public Spending to restore Government Fiscal Health… The Government Bond Markets are demanding Spending Cuts & Fiscal Sanity. Moreover, the QE Floor System requires less Net Government Bond issuance over time.

👀 TGA at $626B as of 4/21

👀 Great post Bob Elliott

In both instances stocks bottomed in March 2009 and March 2020 respectively. 👀

US Treasury Secretary Scott Bessent speaks at IIF Global Outlook Forum x.com/i/broadcasts/1…

LOL 😂

“The same forces that turbo‑charged global trade and capital flows over the past few decades will reverse course once protectionism becomes the norm—and those tailwinds will turn into headwinds for growth, asset returns, and corporate profitability.” - John Burbank (Passport

"...if a scarce reserves regime requires regular intervention in the market and an abundant reserves regime requires no intervention, then an ample reserves regime that requires occasional intervention strikes me as about right,” says #PresidentHammack. clefed.org/4jEMOgi

Munger & Trump were both on the same page…. Early. We monetize (To kill Crowding Out) our Budget Deficits with Fake Digital Printing to monetize domestic & foreign (kindness of strangers with their current account surplus) ownership of Treasury issuance. Not Sustainable.

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QRA: "Based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters."

TBAC's preferred option would be for congress to delegate broad authority to the administration to borrow as necessary to fund government obligations - TBAC Minutes.

The US Treasury retained its guidance on keeping the issuance of longer-dated Treasuries unchanged for at least “several quarters,” and indicated that it may beef up its program of buying back older debt bloomberg.com/news/articles/…

Swap spreads: Reloaded? via Financial Times ft.com/content/3cf558…

The young girl Ward Jalal Al-Shaikh Khalil, seen in the video escaping the flames, is one of the few survivors of an Israeli attack that killed most of her family. At least 36 people were killed in the strike, including 18 children and 5 women, according to Gaza’s Government

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