It's not what everyone says, watch what they do. Big companies and big banks (JPM, too) are making heavy preparations for sharply lower interest rates. The former, in particular, have basically revived the long-dormant commercial paper market in a clear sign. At the same time, US and global banks are remaking their balance sheets in critical and unambiguous ways. Even some Fed officials are now seeing it, too. R is back to being an ultra-low STAR.

Eurodollar University's Money & Macro Analysis

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Bloomberg America Inc. Swaps Decades for Days in Rush to Commercial Paper
https://www.bloomberg.com/news/articles/2025-09-02/30-years-try-30-days-america-inc-flocks-to-commercial-paper

CNN Be prepared for 7% interest rates, warns Jamie Dimon
https://www.cnn.com/2023/10/02/investing/jamie-dimon-jpmorgan-7-percent-interest-rate-recession

FRBNY John Williams All the Stars We Cannot See
https://www.newyorkfed.org/newsevents/speeches/2025/wil250825

Bloomberg Won Advances After BOK Governor Defends Currency Intervention
https://www.bloomberg.com/news/articles/2025-08-28/won-gains-after-bok-rhee-s-comments-on-forex-intervention-goals

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