Hedge fund Treasury holdings: $2.35 trillion, up 154% in 5 years. They now own a record ~7% of the marketable Treasury market. Why? The basis trade, arbing tiny price differences between cash bonds and futures using heavy leverage. Banks can't absorb enough new supply, so levered hedge funds are filling the gap. The US Treasury market is increasingly dependent on a crowded, leveraged trade to function. h/t @KobeissiLetter

I wish Sign in with @Google (or sign in with @OpenAI / @claudeai) came with ability to use tokens directly from the customers account.. That way we don’t have to pick between asking them to generate an API key or using our own where we own the data and costs. Imagine every auth came with a token generated for that domain. This way they get to keep owning the data and they have billing on their terms as well. I’m primarily thinking this for side projects or simpler apps where you don’t need a full harness or using multiple models. I’m sure the businesses love arbing the token spend and having margin on that.