What crowding out looks like: Treasury + IG issuance (hyperscaler debt) net of QE/buybacks, about to be the highest on record, surpassing even crisis years 2020/2021
well, looks like that psuedo-QE treasury buyback that Bessent did yesterday isn't really working
oil unfortunately up 4% today to $87/barrel
really need oil to come down for inflation to come down for the market to finally feel comfortable to buy bonds and bring yields lower
The only way to slow the rise in long-term Treasury yields is for the Fed to ramp up QE. That just means more inflation and even higher bond yields later, but that’s the choice politicians always make. That’s why we choose gold.