Always a great read View quoted note →

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Been waiting for this, thanks Lyn. Always appreciate you calm and balanced takes.

This is such an awesome breakdown, and timely 😁🦅 Since you mentioned the metals, I am curious what you think about the metals game players doing a flight to physical holdings vs 'paper metals', and I guess just making sure they're not the last musical chair?. I know it's just a sideline to the overall market but what fascinates me is I think BTC is going to be dealing with this paper BTC trades on price printing and apparently that happens in futures moreso, but is it's innovation in 10m block time settlement enough to not go the same way the gold ETFs did? Basically, the ability to call in the 'physcial bitcoin' quicker? Or is everything ETF touches just going to be traded well beyond any sense of someone actually holding the resource.. 🤔 happy sunday, nice day to be pondering economics 🎉

Thanks Lyn

Haha 😆 of course you’d drop a newsletter on Super Bowl day. Love it, can’t wait to dig into your takes.

Great read. Bitty now undervalued not metals 🫡

Thank you! Gonna read it tomorrow! Great work!

Fantastic Lyn. Your insights are always valued 🙂

Nothing stops this train

Thank you Lyn

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Balance sheet expansion while debt-to-GDP ratios climb past 100% creates a structural lock-in: the Fed can't raise rates high enough to matter without breaking the Treasury market. The Big Print isn't a policy choice anymore—it's the only way the math works. What's your read on how long they can maintain the illusion that rate policy still matters?

Very useful read!

Balance sheet expansion while debt-to-GDP climbs past 120% creates structural lock-in — the Fed can't taper without breaking the Treasury market. The shift you're tracking isn't tactical, it's the admission that QT was theater. What does the bond market's repricing timeline look like when the pretense drops completely?

Read 🤠