🧠 From “low IQ” to “good man”? Trump’s tone on Powell flips fast. @AndreasSteno and @RosenvoldGeo for #MacroMonday. Could this mean more rate cuts are coming?

Clue that Trump wants a deal with China NOW

📈 Liquidity might have already bottomed—are you ready for what’s next? @AndreasSteno and @RosenvoldGeo for #MacroMonday. Macro surprises are exceeding expectations, and forward indicators show clear signs of acceleration. On RV Pro:

The Treasury released their borrowing estimates. $1.6T in net new debt issuance over the next two quarters. About $500B of it is the TGA refill.

On average, S&P 500 companies that are missing on EPS this season are underperforming the index by nearly 5% the day they report ... so far, that's the worst spread in the history of the data per Bloomberg Intelligence

The EU vs. US trade deal highlights that the EU primarily exports 'nice-to-have' products, rather than essential 'need-to-have' ones

The EUR does not like this trade deal apparently

There is always a new deadline

INTEL: China and the U.S. have agreed to extend the tariff pause by another 90 days during talks held in Sweden

FWIW I traded for a $100 bln fund and moving a 1% position would sometimes take weeks given the liquidity in the stock, size of the company and footprint you’d leave. It is incredible the market took $9 bln BTC of supply so well, and shows the depth of the BTC market now- super bullish for the sovereign reserve thesis. Regardless, the timing and speed of the execution was super suspect even if a lot of it was OTC. It’s so fishy someone who held BTC since its inception punches out in under a couple weeks during July summertime vacation, while every market was breaking out to the upside. Totally agree there was massive slippage costs, but I bet the client ordered the execution this way. No way Galaxy traders would recommend dumping BTC this way esp in the middle of the night with US markets closed. This felt like some sort of psy-op on market liquidity. Doubt he responds but would love @novogratz to comment.