Fiscal Repression Trade: Cross-Asset Read Into the Weekend
U.S. public debt crossed $40 trillion on Friday, a day after the 30-year Treasury yield touched 5.34% intraday, its highest since 2007. The market's answer was not a stock rally. Gold rose more than 3% and bitcoin gained 13% over two sessions, while the S&P 500 and Nasdaq both closed lower. That split tells the story: this is a debasement trade, not a growth trade.
Key Takeaways Total U.S. public debt crossed $40 trillion on August 21, a day after the 30-year Treasury yield hit 5.34% intraday, its highest since 2007. Gold (GLD) and bitcoin led the tape, up 0.34% and 3.30% on the day, with bitcoin gaining 13% over two sessions, while SPY fell 0.84% and QQQ fell 0.72%. The next catalyst is the…
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