Every republic walks a line—liberty for the vulnerable or power for the mighty. NPR, PBS, and WCPE keep me steady. Gardening grounds me; naps keep me honest. FWIW, I've risen to my level of incompetence. Dry and wry—proceed accordingly.
Financial repression is just what policymakers call it when they're preserving financial stability as debt service costs rise. Scott Bessent on line 1. Kevin Warsh on line 2. Lyn Alden on line 3. Please hold. That this reckoning arrived during Trump's watch is almost too on the nose.
ReutersJapan PM Takaichi asked BOJ to buy more bonds when needed, Jiji reports reut.rs/45FsxCd
Treasuries. JGBs. Yen. Three interconnected markets. One tool: CONFIDENCE. Funny how everything—from sovereign debt to trillion-dollar data centers—ultimately runs on confidence. Welcome to the Age of Trump: The Confidence Games
Jesse Felder‘U.S. Treasuries, JGBs and the yen have all undergone periods of heavy stress in recent decades, but rarely have all three been under such pressure at the same time. And this comes as market confidence in new Fed Chair Kevin Warsh and the BOJ is running dry.’ www.reuters.com/commentary/r...
Train Engine Off The RailsALT: Train Engine Off The Railsstatic.klipy.comJesse Felder‘Microsoft, Meta, Oracle, Amazon and Alphabet have committed about $1.09 trillion in future payments under leases that have not yet begun and so do not yet appear as liabilities on company balance sheets.’ www.reuters.com/business/ret...
How many institutions are now being asked to support the administration's financing strategy? The easy-money debt of 2020 is rolling into roughly 5% refinancing. Someone's sweating like a stuck pig in August.
Jesse Felder‘The only way to durably rein in Treasury yields is to exercise fiscal restraint and stop adding marginal pressure to an already challenging inflation problem through tariffs and geopolitical misadventures.’ www.bloomberg.com/opinion/arti...
Pulling out all the stops to keep Treasury yields in check. With midterms approaching, few in Washington are eager to find out what an unconstrained bond market would do. Warsh's moment of truth has arrived.
Jesse Felder”The Fed is very cautious when it comes to doing things that look like they’re veering into foreign policy or fiscal policy. The coordinated intervention does seem to be a very political project by the admin. and the question is: Is it the Fed’s role to enable that?“ www.wsj.com/economy/cent...
"Anchors away." Once the nominal anchor slips, markets stop navigating by it—they start navigating by politics, debt arithmetic, and inflation expectations instead. The political calendar becomes the new reaction function.
Jesse Felder’A chairman who names his target, explains his reaction function, and then demonstrates that he will act on it makes the fiscal authority’s problem harder and his own easier, while a chairman who names nothing at all makes precisely the opposite trade.‘ marketmonetarist.com/2026/08/01/w...
Today's #1 song above the Arctic Circle: Glenn Frey – The Heat Is On. Nobody wanted this song to age this well.
Klimaatcommunicatie 💚Voor de eerste keer is er een temperatuur gemeten van 100° F / 38° C boven de poolcirkel ...
What are ya gonna do? Eighty years. Not a bad run. Rest easy, Vincent.
Vito Spatafore Vito GayALT: Vito Spatafore Vito Gaystatic.klipy.com
