All Macro-Thematic Trend Reports:

Open field running for US electrical infrastructure; implications for copper, inflation metrics, & LT USTs (FFTT, 5/14/24)

In terms of capacity, the backlog in transmission interconnects is 2,600 GW.  That is larger than the installed capacity of all power plants currently operating in the US.     -Private electrical infrastructure manufacturer exec, citing US DOE data, 2024 Most major OEMs and Utilities I spoke with are starting to book business out in 2028 and 2029 (I have actually heard utilities quoting projects in 2030).     -Private electrical infrastructure manufacturer exec, after 2024 trade show [One

Read More »

Mind the Gap (between foreign share of UST holdings and UST issuance) (FFTT, 5/7/24)

Inconceivable!     -Vizzini, in the 1987 movie “The Princess Bride” Truth is like poetry. And most people f*cking hate poetry.     -“The Big Short”, 2015 Key Points: Foreign ownership share of UST T-Bills has fallen from 49% to 18% since 2014; foreign ownership share of UST notes and bonds, from 63% to 33% since 2008; despite this, many US investors continue to invest as if the declining green lines in the chart on the front page do

Read More »