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-neutral BTC accumulation is underway and hinted the government may not yet fully know its BTC holdings—likely the gating item.
• Price Action: BTC and ETH rebounded sharply after Powell’s speech, signaling market resilience and a willingness to look past the hawkish tone.
• Overall Takeaway: Liquidity remains favorable. Given no major negative surprises today, the near-term bias stays constructive.

Tickers in this video: BTC