Jul 29, 2026 commentary

Rising Long-End Yields Squeeze Crypto as Hawkish Dissents Mount

Conviction

The Federal Reserve held rates steady on Wednesday, but the real story was the bond market’s sharp reaction to Chairman Warsh’s deliberate retreat from forward guidance — a posture that effectively outsources financial tightening to Treasury yields and puts immediate pressure on liquidity-sensitive assets, particularly duration-exposed miners nearing exhaustion levels.

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