Scott Bessent Just Changed the Liquidity Setup | Macro Mondays: August 24, 2026

Andreas Steno and Mikkel Rosenvold are back to ask whether Friday’s stock market rally marks the return of a more bullish macro setup, and how far this move could run. They break down Scott Bessent’s latest intervention in bond markets and what it could mean for yields, the U.S. dollar, and global liquidity. Plus, they dig into the intensifying Anthropic vs. OpenAI battle and ask whether markets are getting another dose of “Warsh hopium” after Friday’s price action.

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Timestamps:

00:00 - Are We Finally Back?

00:59 - Bitcoin and Gold Start Moving Again

02:25 - Why the Debasement Trade Is Back

03:24 - What Treasury Buybacks Actually Do

04:53 - The TGA Changes the Liquidity Story

05:29 - Why Bank Liquidity Matters for Markets

07:19 - How Much Liquidity Could Treasury Add?

09:42 - Hedge Funds Become the Marginal Treasury Buyer

11:35 - Is This Sustainable for Bitcoin and Gold?