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.