RenMac Off-Script: Breaking Glass

<p>RenMac breaks down Treasury&#39;s move to double its long-end liquidity support ops to $4 billion, its turn from plumbing to arguing yields don&#39;t reflect fundamentals and how bill-funding those buys lands them on the Fed&#39;s sheet. The team also discusses why a 53-year high in capex intentions is credit-financed capacity that looks like growth until the cost of capital reprices, Oracle and Nvidia CDS at new highs, PMIs as a bad indicator for asset allocation and why P/Es are siren songs in the context of shooting failed momentum in the back. </p>