Eric Wallerstein(@ericwallerstein):ie: US buys 50bn of long-term OATs France contractually buys 50bn of energy/goods/etc (plus other intangibles) US current account deficit shrinks US taxpayer makes the ~200bps swap spread (minus hedging costs), so 500mm to 1bn (plus a warm & fuzzy feeling)

Eric Wallerstein

@ericwallerstein

Chief Macro Strategist, Clocktower Group. formerly at the Fed and White House.

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Eric Wallerstein@ericwallerstein

2026.10.05 18:25

ie: US buys 50bn of long-term OATs France contractually buys 50bn of energy/goods/etc (plus other intangibles) US current account deficit shrinks US taxpayer makes the ~200bps swap spread (minus hedging costs), so 500mm to 1bn (plus a warm & fuzzy feeling)