Core Strategy

Crypto Equities Portfolio

Liquidity & Growth Pressures Persist

The Treasury’s need to refill its reserves has led to roughly $700B in issuance over the past several months, with no corresponding fiscal outflows back into the economy. This has tightened bank reserves and liquidity conditions and likely reduced passive flows into equities, since a portion of those Treasury payments would have otherwise found their way into brokerage accounts and 401(k)s. The result has been weaker participation across r...