Real yields on 10y USTs have hit the highest level since 2023. -Lisa Abramowicz, Bloomberg, 7/22/26 … if global real interest rates returned tomorrow to their historical average of roughly 2%, given the existing level of US government debt and large continuing projected deficits, the US would likely experience an immediate fiscal dominance problem. – St. Louis Fed white paper by Charles Calomiris, 6/2/23 Federal Reserve Chair Jerome Powell finds himself in a place no central

OpenAI & Anthropic are curbing secondary market purchases, closing gates, [because] they need money and the secondary market trading down kills the bond market.      -Veteran hedge fund manager to FFTT, 5/12/26 We can’t ignore what just happened. The American moat in AI software is not as strong as many of us had hoped. It’s time to recognize the AI race for what it really is: an industrial systems competition to build and install

Change of a long-term or secular nature is usually gradual enough that it is obscured by the noise caused by short-term volatility.  By the time secular trends are even acknowledged by the majority, they are generally obvious and mature.  In the early stages of a new secular paradigm, most are conditioned to hear only the short-term noise they have been conditioned to respond to by the prior existing secular condition.  Moreover, in a shift of