Elon Musk is now nearly $1 trillion ahead of the second-richest person in the world.
Whatever you think of him, that gap says a lot about this market.
Capital is crowding into a very small group of people and companies believed to own the future.
Trump hired Kevin Warsh to cut rates.
He may be about to do the opposite, or even remove the tools you'd use to see it coming.
If your portfolio runs on cheap money, you'll feel this before you understand it.
Full breakdown 👇
https://t.co/6OKCKV7VLf
Getting close to Warsh’s first #FOMC.
Rates will get the headlines, but the balance sheet might be the real story.
He has repeatedly called the Fed’s footprint bloated and argued for lower levels. If that becomes policy direction, QT is back at the center of the macro debate.