U.S. Treasury's Growing Role in Markets: Debt, Repo, and Asset Impact  The U.S. Treasury has become a major force in driving stock and asset markets by its pro-cyclical debt issuance and the growing depth and liquidity of repo markets. A reduction in fiscal spending now poses a threat to markets, not only by weakening the economy but also by s...

Financial Markets Navigate Choppy Waters as 'Goldilocks' Narrative Clashes with Rate Cut Expectations: A Week of Contrasting Fortunes, Volatility, and Uncertain Futures  This week, the realization struck that the 'goldilocks' narrative clashes with the substantial rate cuts anticipated for the next year. Goldman issued a warning, suggesting th...