In this episode, Nik Bhatia breaks down the latest global macro developments including new stress in the repo market, the Fed’s official plan to end QT on November 30, and what these moves mean for liquidity, risk assets, and Bitcoin. Nik explains how the SOFR-to-IORB spread, declining reserves, and Treasury bill issuance point toward tightening conditions that will soon force renewed balance sheet growth. He also covers how “not-QE QE” may unfold, why the dollar and Chinese yuan movements matter for global risk sentiment, and why Bitcoin remains in a consolidation phase as the liquidity cycle turns.
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Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
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