BIG MACRO WARNING
The U.S. has to refinance $8 TRILLION in debt next year.
At much higher interest rates than before.
This means: • Rising debt servicing costs
• More pressure on the Fed
• Higher risk of liquidity injections
• Long-term USD debasement concerns
Historically, this environment favors hard assets.
Volatility is coming.
Liquidity will matter more than narratives.