The steeper yield curve is also being reinforced by a policy change the Fed began late last year that I still don’t think is getting enough attention. While their policy is supportive of the front end via Fed Funds rate cuts and the newly announced Reserve Management Purchases (RMP), it is doubly bad for the long end. First, that front-end... See more

The US is likely heading toward:

• Lower rates (circa 3%) despite near-term inflation


• More liquidity injections (US$1.5 trillion in 2026)


• Continued unconventional policy tools (Treasury QE, stable coin-driven demand)

Investment Implications

• Risk-On: favor Bitcoin, equities, and growth assets


• Watch for Fed rate cuts and monitor US Treasury bill

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