Podcast Episode
Ten31 Timestamp: You're Gonna Need a Bigger Buyback

About this episode
The Treasury just signaled it will do whatever it takes to hold the long end together, and Bitcoin ripped toward $80,000 about 45 minutes after the headline hit.
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In this episode:
Why doubling buybacks from $2 billion to $4 billion moved markets this much
How the TGA could become the Treasury's next source of firepower
Investment funds replacing the Fed as the marginal buyer of long end treasuries
The US escorting oil out of the Strait of Hormuz under cover of darkness
Why the Canada, Mexico and South Korea headlines are all really about China
Private credit cockroaches surfacing in the Lakers and Dodgers ownership mess
TIMESTAMPS:
00:00:00 - Bitcoin charging toward $80,000
00:01:06 - Bull trap or breakout after months of coiling
00:02:45 - Treasury doubles bond buybacks to $4 billion per operation
00:06:17 - The TGA reportedly on the table to fund buybacks
00:08:42 - A whatever it takes moment with stocks near all time highs
00:11:06 - Who actually buys long end treasuries now
00:12:37 - Underwater bonds and freeing up balance sheet capacity
00:15:34 - Iran, the SPR at 1982 levels and crude stockpiles
00:16:59 - Sneaking oil out of the Strait of Hormuz after dark
00:17:58 - South Korea, Mexico and Canada trade headlines point to China
00:21:46 - Mark Walter, the Lakers sale and private credit's cockroach problem
00:23:28 - How a credit daisy chain could blow up the whole strategy
00:25:45 - World Liberty gets conditional charter approval from the OCC
00:27:38 - Stablecoins and a dollar system that looks pre-1913
00:28:40 - Trump defers on buying significantly more Bitcoin
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