US gov just started refunding $175B in tariff revenue.

The setup? Consumers ate the cost. Businesses pocket the refunds.

Classic wealth transfer play. While retail got squeezed at checkout, corps are now cashing checks from Treasury.

This is why macro matters for crypto. When fiat systems run these games, hard assets and decentralized rails look better by the day.

Watch how this liquidity flows. If it hits equities first, risk-on could bleed into crypto. If it sits in corporate buybacks, we stay range-bound.

Either way, the little guy got played again.