In this episode, Nik delivers a global macro update covering the economy and every asset class. He analyzes Bitcoin’s performance versus Ethereum as ETH faces steep declines and unpacks TBL Liquidity, focusing on key indicators like 10-year Treasuries, real yields, inflation breakevens, and the 2s10s curve, while highlighting the MOVE index as a sign of rising market fear of inflation. Nik then explores the impact of spiking mortgage yields, the Fed’s balance sheet, QT, and the ongoing RRP decline. Wrapping up, he explains how the upcoming election won’t necessarily affect the debt-to-GDP ratio or inflationary pressures in the months ahead.

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