market plumbing
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CFTC Turns Tokenized Collateral Into a 24/7 Treasury-Market Plumbing Test
CFTC Chairman Michael S. Selig told the 2026 U.S. Treasury Market Conference that U.S. markets need to prepare for mass tokenization, onchain finance, AI adoption and potential 24/7 trading. The official conference agenda also put stablecoins, tokenized deposits and short-term funding directly inside the Treasury-market-functioning debate. The signal is less about crypto speculation than about the next collateral, margin and settlement layer for the dollar system.
Published Sep 24, 2026
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The Yen's Hidden Backstop: FIMA, Dollar Creation and the Treasury Market
Japan's 2026 yen intervention was enormous, but Federal Reserve balance-sheet data show FIMA was not used to fund it. That may be the more important finding. FIMA sits behind the global dollar system as a mechanism allowing approved foreign monetary authorities to temporarily turn U.S. Treasury collateral into newly supplied dollars instead of selling those Treasuries into the market. This report examines what FIMA actually does, why it is a form of temporary central-bank dollar creation rather than QE, what Japan's reserve structure looks like, and why another serious yen crisis could migrate directly into U.S. Treasury-market plumbing.
Published Aug 19, 2026
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Israel Strikes Iran: Escalation Ladder
Israel says it launched a “pre-emptive” strike on Iran as explosions hit Tehran. Here’s the escalation ladder, the oil chokepoint risk, and the market plumbing
Published Feb 28, 2026
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Repo Is Back: Late-2025 Looks Like Late-2019
Open the published research article.
Published Dec 29, 2025
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Why the Fed Will Try to Keep QE Small — and Why It Won’t Work in 2026
The Fed will try to keep QE “light” in 2026 to protect inflation credibility and avoid backlash. But modern market plumbing is nonlinear: undersized liquidity fails fast, forcing escalation into real QE.
Published Dec 27, 2025
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The Pivot Is Here: Rate Cuts, QT Ending, and the Setup for QE 2026 — The Melt-Up Phase Has Begun
The Federal Reserve cut rates to 3.75%–4.00% and scheduled the end of QT for December 1, 2025. Liquidity is turning, market plumbing is tight, and the setup for renewed balance-sheet expansion in 2026 is forming. This is the melt-up window — where asset holders move first, and inflation follows. Understand the cycle now to position for the next wave.
Published Oct 30, 2025