Things that caught my attention this week 20-Year Treasury open auction to raise $16B: Yields spiked due to a lack of demand—or maybe the market is pricing in growth due to tax cuts. It’s anyone's guess. Japanese bond yields are spiking too. Time will tell, but it feels like a regime shift after 10–15 years … Continue reading 5.24.2025 Tax cuts + QE to unleash animal spirits