Bessent must be furious...
Warsh’s speech sent the yen straight back toward 160.
It also highlights another reason Warsh can’t hike rates:
Higher US rates would strengthen the dollar and push the yen even lower.
That would increase pressure on the BoJ to sell USTs to defend
$PURR just hit its highest mNAV since May at 1.35x
Meaning it’s trading at a growing premium to the value of the $HYPE it holds.
Giving it more firepower to keep buying.
The flywheel is only accelerating.
