Bitcoin dropping after Strategy sold is a reminder that sentiment can change quickly, even in strong long-term trends. For me, the bigger story is oil. If disruptions around the Strait of Hormuz persist and Brent moves toward $100, inflation could reaccelerate and make central banks more cautious. That would have implications for stocks, crypto, and bonds all at once.
Treasury Doubles Buyback Size — So Why Is the Bond Market Still Unimpressed?
Bessent doubled the per-operation buyback cap from $2bn to at least $4bn, with room to go further, and the 30-year briefly fell almost 10bp. It didn't hold: traders went back to what buybacks can't fix — deficits, inflation, term premium. The S&P 500 −0.87%, the Dow about 600 points lower. Next week's Jackson Hole, Warsh's debut as Chair, is now the pricing event for rates, the dollar and everything rate-sensitive. Stay long tech, rotate into rate-sensitive assets, or wait for Warsh's tone?
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