Short-term spike in yields reversed quickly. The move is likely a negotiation tactic ahead of April meetings and a signal to consider non-USD safe havens like gold.

JGBs are a top thematic for tail-risk and contagion. Spikes correlate with risk-off moves across assets, including credit spreads and Bitcoin.

Uncertainty remains. Warsh is a political animal; his hawkish balance sheet talk would take time. The bigger issue is potential Fed-Treasury coordination threatening independence.

Issuers like Alphabet have strong balance sheets (net cash) and bargaining power. AI-related debt is still single-digit in indices, so there's room for real money to absorb it.