Are Markets About to Rip Higher? w/ Andreas Steno & Mikkel Rosenvold | Macro Mondays

The recent rally in Bitcoin and gold stems from Scott Bessent’s strategic treasury buybacks, which inject liquidity into the financial system by utilizing the Treasury General Account (TGA). This shift transforms a previously minor policy into a significant liquidity driver, allowing hedge funds to leverage treasury collateral as they replace Japan and China as the marginal buyers of debt. Beyond fiscal mechanics, the AI sector shows diverging momentum; OpenAI currently maintains superior business performance over Anthropic, despite capacity constraints impacting user experience. Geopolitical tensions, particularly the potential for secondary sanctions against China regarding Iran, threaten to spill over into broader trade relations, complicating the upcoming summit with Xi Jinping. Meanwhile, attention shifts to Jackson Hole, where potential signals regarding productivity and disinflationary technological impacts may solidify a peak in Federal Reserve hawkishness.