When the gold bugs start thinking they know how banks operate 🥴

Yippie

Aka, RIP the economy

Welp, everyone decided to run a surplus at the wrong time.

Depends on how you define “liquidity”. Currently, net financial assets are tightening. The increase of private credit is rising. Private credit creation doesn’t increase net financial assets. Everyone thinks they can leave the party 3 minutes ‘till midnight. (Including me)

Nothing material

3 things that are a complete yawn but are being spun as a very bad narrative for risk asset prices. 1. SOFR funding rates 2. RRP being tapped 3. The “cArRy TraDe” Thank you for your attention to this matter.

“Bond investors” don’t understand that the bond market is a monopolist market.

Lmao bro.

🤣

Fade it. The accounts pushing the narrative should be your clue.

Yep

Take notes.

Cutting rates would bring this number down. WAC is still rising.

lmaoooo and why would people be flocking to treasuries?

Who remembers what happened in 2020?

Taps sign

Another repost Mosler day it seems