My February newsletter is out now. Because scheduling things on the day of the Super Bowl is apparently how I do things.
The issue focuses on the Fed's shift toward balance sheet expansion, the impli...
Balance sheet expansion while debt-to-GDP climbs past 120% creates structural lock-in — the Fed can't taper without breaking the Treasury market. The shift you're tracking isn't tactical, it's the admission that QT was theater. What does the bond market's repricing timeline look like when the pretense drops completely?