David Hoffmann

Crypto closed red on the day.

The two-year and the 10-year treasury went down.

Dollar went down a little bit, 0.3%.

The big question here is like easy money, right?

It seems like this is easy money, rates going down.

It seems like that dovish monetary policy should also be good for risk on assets.

Michael Nadeau, always with kind of the contrary take around this lately says, that doesn't necessarily mean it's dovish for risk assets.

So first of all, it's only $40 billion.

This was

Short duration.

So this is not the type of QE that we've seen before with long duration bonds.

So there's not a suppression of the long ended yield and the broadly financial conditions are easing.

So he said, if this was risk on the way we would want it, the way you want it, David, that you're excited about.

I would expect to see long bonds dropping and more of an impulse from Bitcoin.

So he would have expected Bitcoin to kind of react to this.

Although I do think I haven't looked at gold prices.

I think maybe they were up a little bit.

I don't know.

I'd have to go check on that.

Yeah.