Equity volatility is compressed to multi-year lows while the funding currency of the global carry trade is signaling a regime change. The yen is not a currency story. It is a leverage-in-the-system story that ends with a coordinated deleveraging event.
The Securities and Exchange Commission proposed in Release
The Treasury's real reaction function is not GDP or unemployment. It is the term premium on the 10-year. If long yields spike into an auction cycle, the administration will tolerate equity drawdowns rather than let the bond market break.
On 7/2/2026, the U.S. Department of Energy issued a Notice of
Japan is not a passive holder of US Treasuries. Japan is the marginal setter of long-end yields, and the reverse carry trade unwind is a forced-selling mechanism that policymakers cannot stop with rate cuts or QE.
On 7/3/2026, the White House announced a plan to eliminate up to 702
Matthew Tuttle on the Yen carry trade after Japan's policy rate hit 1% -- cross-posted from The H.E.A.T. Formula.
Hercules Capital pays $0.47 a quarter from a 12.8% yielding book of venture loans to software and biotech startups, with 0.1% non-accruals and a 43% premium to net asset value
Nuveen's renamed real estate income fund pays close to 8.9%, owns roughly 8% in the data center REITs powering the AI buildout, and funds four fifths of that payout with return of capital
Nuveen's AMT-free muni fund pays 7.14% tax-free, which is worth roughly 12.4% pre-tax to a top-bracket investor, but 41% leverage and a 13.2-year duration made it lose 23% in 2022
Kayne Anderson Energy Infrastructure Fund (KYN) just raised its monthly distribution 5.9% and holds 33 midstream names at a 11.14% discount. The tailwind is real, but 0.5x NII coverage and 25% leverage mean the energy cycle has to keep cooperating.
The Teucrium agriculture webinar with Jake Hanley moved to today, Friday August 14 at 12:00 PM ET. Same Zoom link. Free 1 hour CFP CE credit approved.