Tough to Overlook Crypto's Strong Rebound: QRA, FOMC, and PWG Report Update

Discussed in today's video:

QRA: No hawkish or dovish surprises. Treasury will maintain coupon auction sizes, favor bill issuance, and double the frequency of long-end buybacks. The TBAC also flagged stablecoins as a potential new demand source for T-bills. FOMC: Powell struck a hawkish tone, but markets may look through it. Two dovish dissents and the June–March SOFR spread suggest expectations are shifting post-Powell and reinforce the fiscal dominance theme. President’s Working Group: Light on Strategic Bitcoin Reserve details, but Bo Hines confirmed budget-neu...